Mitessh Thakkar of mitesshthakkar.com told CNBC-TV18, "I am quite negative on the Bank Nifty looking at 23,200. So banking is an obvious sector to identify stocks where you could get some good sell setups and Canara Bank and Punjab National Bank (PNB) are on the top of the list.”
“Canara Bank has broken very key support levels of Rs 323-326. So, today in the morning or during the bounce back, I think sell this with a stoploss at Rs 326.50, look for declines to about levels of Rs 300.”
“A very similar setup has happened on PNB which has broken supports of Rs 135-136. So, keeping a stoploss at Rs 136.50, sell this for target of Rs 124.”
“MRF has also broken important support levels of Rs 62,500-62,250. So, I would take a slightly positional outlook and I would look at target of around Rs 58,000 and sell this one with a stoploss at Rs 62,750.”
“I have two buy calls as well and that is purely on the market side that we might get some kind of pullback on the 9,700 levels. So, Arvind has come down to important support levels of Rs 360. I would recommend buying here with stoploss just below yesterday’s intraday low of Rs 358.50. So keep a stoploss at Rs 358 and look for a bounce back to about Rs 375 levels.”
“ONGC is something which I have been positive upon. I had a buy call yesterday as well. I maintain a positive bias. Keep a stoploss at Rs 165 and look for Rs 180 kind of target,” he said.
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