Buy Havells, sell GMDC and Reliance Communications: Mitesh Thacker

In an interview with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on various stocks.

What are the stocks you are recommending today?

I have got a majority bias towards the sell side. Very clearly breaking below 4900 would create some kind of short term pain and keeping that in mind there, I have got 4 sells calls to a buy call. The 4 sell calls are a sell on Bank Nifty, that is looking weak and probably it can retest the levels of 9000-8975 which the Bank Index had tested when the markets were at 4750-4730 odd levels. So that is the short term price target. 9630 or Friday’s high should be kept as a stop loss over here. I have got a sell on GMDC. This one has broken below short term averages, some negative crossover on indicators of trend line being violated. This could go down to as low as about 158 to 155 in the short term. 175.5 should be the price target over here. A sell on RComm. Now this is a stock which has been beaten down. We have seen ADAG stocks attracting lot of news interest in the last few days but purely it is making newer lows, giving fresh sell signals given the fact that Friday was a gap down breakdown kind of thing. So this one probably looks like it will probably make lower lows and touch new levels on the downside. 65 would be the first price target on the downside and 75.5 should be the stop loss over here. One buy call in terms of Havells which has done extremely well in the last few days. It is consolidating above short term moving averages. So buy this one with a stop at about 355, price target of 382 and a sell call on Escorts which has broken below a rising channel formation. This could also go into corrective mode, test levels of about 65. 73.5 should be a good stop loss over here.