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Sell RBL Bank, Zee Entertainment; buy Dabur India: Mitessh Thakkar

Mitessh Thakkar of suggests selling RBL Bank, Zee Entertainment and advises buying Cholamandalam Investment and Dabur India.

June 14, 2017 / 10:01 AM IST

Mitessh Thakkar of told CNBC-TV18, "I would say this may not be the most refined entry point. We have talked about ICICI Bank when the stock was around Rs 285-290. It came out with very good quarterly numbers, I think that was the starting point of the trend. We will eventually see higher levels on the stock. I think Rs 360-380 is what the medium to longer term charts suggest. However, as I said, this may not be the best entry point, so I think you might want to wait on that."

"Coming to Axis Bank and State Bank of India (SBI), I think they have their own individual patterns. Axis, I don’t still think that is ready for a bigger reversal. I would want to see the stock get past Rs 530. That could trigger some kind of a medium-term trend."

"I have few sells calls today. RBL Bank is a sell. I think it is slipping below key averages. So, if it doesn’t get past Rs 533 that being the stoploss, I would look for target of around Rs 430. Steel Authority of India (SAIL) is continuing a negative pattern. So, most likely should decline further and Rs 53 is the target and Rs 58 is the stoploss."

"I have a sell on Zee Entertainment Enterprises as well where we have seen some negative cross overs of averages. So keeping a stoploss at Rs 517, sell for target of Rs 485."

"Cholamandalam Investment and Finance was a buy yesterday as well and in-the-market choppiness ended at the day’s high. Still should have further upside traction. I would want to buy it now with a stoploss at Rs 1,064 for targets of Rs 1,150. In Dabur India, there are good continuation signals in an uptrend. I would buy this one with a stoploss at Rs 285 for target of Rs 302," he added.
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