Bullish on Pantaloon: Mitesh Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com, in a chat with ET Now, gives his views on retail stocks


What do you think about the retail pack. We have seen a smart rally over the last few days and today we have seen a bit of a pullback.

Retail pack was looking very positive and in fact gave a good breakout but the only stock, which has kind of held out nicely after the weekend when we saw a lot of protests happening at the state levels and from the other parties, which are not in the government. Very clearly they have kind of given up on the euphoria, which is happening for the last few days but Pantaloon still looks very good to me. The overall setup is the most positive over there. Rs 215-212 would be an excellent buying area, stop with a Rs 200 odd levels and Rs 250 would be a good price target. The other thing is that Shoppers Stop and all, they have met their first targets of Rs 415-420 but they have reacted much sharper than I would have anticipated, so now they have come back below their 200-day averages, their short-term averages, so I would wait it out. In case something positive comes up, maybe these stocks will come back into action again but as of now, it is only Pantaloon, which interests me.