Mitesh Thacker, Technical Analyst, miteshthacker.com is bullish on Alstom Projects, Aurobindo Pharma, and ITC. However, he is bearish on TCS.
Here are the key levels: Buy Alstom Projects with target of Rs 757 and 775 per share and stop loss below Rs 702 per share. Apparently the share price has triggered some kind of an uptrend. I would play it on the long side with targets of about Rs 757 and Rs 775. For any kind of long positions, the stop loss can be placed at about Rs 702. Buy Aurobindo Pharma with target of Rs 1,420 and 1,450 per share and stop loss below Rs 1,329 per share. The BSE healthcare index has made a new 52-week high. Aurobindo Pharma has done that as well. I think this is the highest ever closing the stock price has recorded. We have seen this breakout on closing charts happen after a good attempt. I think Rs 1,340-1,350 was acting as a supply zone, it has cleared that. So, my belief is that the stock price should head higher in the short-term, enjoy good run of momentum. Look for targets of about Rs 1,420-1,450 over here and stop losses for any kind of longs would be just below Rs 1,330. Buy ITC above Rs 179 per share with target of Rs 188 per share and stop loss below Rs 175 per share. I like HUL as well, but ITC is the one stock which is just about to give a breakout. I would probably keep watching levels of about Rs 179 today. I think that is the highest ever closing that the stock price of ITC has ever recorded. Above that 5% gain could happen very quickly. So, one should look for targets in the range of about Rs 189-190. The stop loss for any kind of longs taken on this breakout above Rs 179 should be placed just below Rs 175. Sell TCS with target of Rs 1,105 and 1,080 per share and stop loss above Rs 1,170 per share. An interesting point to note over here is that for the last nine years, IT has been having a negative closing in every January. I think what we have seen in the IT stocks is that they have run up a lot, they are overbought, and they are looking tired. So, probably some kind of a minor price correction could happen over here, they would give away the gains which they have recorded in the last couple of months and weeks. I would sell TCS with targets of about Rs 1,105-1,080 and the stop loss for the short positions would be just above recent highs of Rs 1,170. Below is a verbatim transcript of his exclusive interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee. Also watch the accompanying videos. Q: From yesterdayDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
