The latest analysis and commentary by stock market guru Mitessh Thakkar on what is moving the markets today.
He shared his views and readings on Eicher Motors, HDFC Bank, Bharat Electronics (BEL), Voltas, ICICI General Insurance, Godrej Consumer Products, IPCA Laboratories, Indian Bank, Bajaj Auto, Maruti Suzuki, Yes Bank.
“Breakout above levels of Rs 820 should hold IPCA Laboratories in very good state for the next 3-5 weeks. It is a slightly positional view, but buy with a stop at Rs 815 and look for Rs 950 and then Rs 990 as your two targets. Indian Bank is a buy around Rs 231 level, keep a stop at Rs 225 and look for targets of Rs 224. Bajaj Auto is something which I do like as a stock. However, the stock has had a rally in the last few weeks. So maybe some consolidation can happen. Closer to about Rs 2,850 would be excellent buying opportunity; that is where the intraday averages are placed. Keep a stop below Rs 2,825 and on the upside today’s high could be revisited which is around Rs 2,940 levels. Maruti is something which might get weaker. My sense is that it is heading towards the intraday pivot of Rs 6,780-6,790 and chances are that it will break that and possibly go towards sub Rs 6,600 which is where the stock has bottomed out on multiple occasions. So those lows could be revisited,” he said.
Talking about stocks, he said, “Eicher Motors is a sell with a stop at Rs 20,250 for targets of around Rs 19,100. Sell HDFC Bank which broke the important short-term average at about Rs 2,085, so keep a stop at Rs 2,091 and look for mild correction to about levels of Rs 2,050.”
“Buy Bharat Electronics (BEL) with a stop of Rs 81, look for targets of Rs 86 and buy Voltas with a stop at Rs 554 for targets of Rs 590,” he added.
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