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Mitessh Thakkar on November 9: Buy Asian Paints, & Union Bank

Updated : November 09, 2018 12:36 PM IST

The latest analysis and commentary by stock market guru Mitessh Thakkar on what is moving the markets today. Check out his top stock recommendations.

He spoke at length about Axis Bank, Mahindra and Mahindra, Sun TV, Hindustan Zinc, Bajaj Finance, Bajaj Finserv, REC, PFC, IOC, BPCL, NIIT Technologies, IndusInd Bank, Canara Bank, Bajaj Auto, Asian Paints, Union Bank, Interglobe Aviation.

Recommending stock specific ideas, Thakkar said, “Two calls which I have right now are a buy on Asian Paints with a stop at Rs 1,280 for targets of around Rs 1,325. The other one is Union Bank which is a buy with a stop of Rs 80 for target of around Rs 87.”

Recommending specific stocks, Thakkar said, “I have been recommending trading long on the PSU banks. The one which I have identified today is Canara Bank though I like Oriental Bank of Commerce and Bank of India slightly more. However, the fresh breakout on the intraday charts is happening here. So Canara Bank is a buy with a stop of Rs 241 and look for targets of Rs 258. Amongst the auto names, Bajaj Auto is showings signs of a trend reversal on the short to medium term chart. So that is a buy, keep a stop at Rs 2,665 and look for target of Rs 2,780.”

Speaking about the individual stock ideas, Thakkar said, “For the time being I have two buys to two sells. Axis Bank has dipped in the last two days, now very close to important support zones. Buy with a stop at Rs 593 and look for targets close to about Rs 635. Mahindra and Mahindra (M&M) on the Mahurat Trading Session had a very good crossovers on multiple indicator charts. So that is a buy with a stop at Rs 780 and look for target of Rs 816. Sun TV is a sell. If it breaks Rs 604, sell with a stop at Rs 616 and look for targets of Rs 580. Hindustan Zinc, the setup is slightly negative. So sell with a stop at Rs 268.5 and look for target of Rs 251.”

Follow stock recommendations by Mitessh Thakkar here:

https://www.cnbctv18.com/author/mitessh-thakkar-111/

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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