Buy Jyothy Labs as FMCG is doing well: Mitesh Thacker

Mitesh Thacker, www.miteshthacker.com, in a chat with ET Now, gives his view on various stocks.

What is your call on Jyothy Labs? At 249 would you initiate a buy?

This is a stock which is enjoying good uptrend now. It closed its first target of about 260 and probably then we can look for target of about 282. FMCG as a sector has been well, we have seen lot of breakouts happening and succeeding in this sector. So I would be positive over here.

We would probably look to buy into on a correction or a pullback to about levels of 240-244, that will be a good buying range and then one can keep a stop loss of about Rs 5 to Rs 8 from there. 260 would be the first target but overall this stock or setup on the chart is clearly showing signal that it can probably over a period of time head towards 280-282.

If I am probably a trader who accumulates into positions, I would start initiating buy right now because the uptrend is firmly established. This sector is doing well. That gives lot of contents to the breakout which is happening over here. So given that kind of scenario I would be a buyer. Probably on dips, I would add to my positions.