The latest analysis and commentary by stock market guru Mitessh Thakkar of mitesshthakkar.com on what is moving the markets today. Check out his top stock recommendations.
He spoke at length about Cummins India, Mahindra and Mahindra (M&M), Reliance Infrastructure and State Bank of India (SBI), Britannia, Hindustan Unilever, Maruti Suzuki, Shriram Transport, Cipla, Bharat Forge, United Breweries, Interglobe Aviation, Edelweiss.
Stock specific, Thakkar said, “Cummins has had a good swing break out. So, that is a buy with a stop at Rs 750 and look for targets of Rs 800. Mahindra and Mahindra (M&M) is giving reversal on the intraday charts after looking at extremely oversold reading. So, buy with a stop at Rs 644 and look for Rs 670 as the first target. Reliance Infrastructure is a buy as well. Keep a stop at Rs 117 and look for targets of Rs 129; again oversold levels and then we are seeing reversals on the intraday chart. Finally, State Bank of India (SBI). Disclaimer that I have a position here, plus I have recommended it to clients as well. Give a big gap breakout, target of about Rs 370 and that is a buy with a stop at Rs 333.”
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