Like Mindtree, buy Just Dial, Bata; short M&M Fin: Harchekar

Amit Harchekar of APLUS Analytics told CNBC-TV18, “We like Mindtree at current level. The stock has been showing good amount of resilience despite volatility in broader markets. Right now the stock is retesting the breakout point which is around Rs 1,430-1,440. We believe this becomes a good entry point for re-building long positions. The stop loss would be at Rs 1,400 and we are expecting it to retest resistance zone of Rs 1,520.”  “I have a buy call on Just Dial. We have seen the stock retracing close to 88 percent after a rally of last one-and-a-half months and believe this becomes excellent support for resuming buying at lower levels. However, from short-term perspective the stop loss would be at around Rs 765 and we are expecting it to rally towards Rs 840,” he said.  “I have a buy call on Bata India. It has given one bar reversal by surpassing four days of high. This triggers lot of short covering as lot of short positions were stuck between the zone of Rs 455 and Rs 460. We believe it has a good potential to rally and test levels around Rs 510-520 in the near-term. So stop loss for long trade, if you are taking current level would be around Rs 450.”  “We are going short on Mahindra & Mahindra Financial Services. This stock has given a breakdown after a rounding top formation and despite good strength, what we are seeing in Bank Nifty and Nifty Financial Index, we are expecting a downside of at least 7-8 percent in M&M Financials from current level. Therefore, from a short-term perspective Rs 212 would be stop loss for short trade and Rs 182 would be near term target.”