Den Networks would test 75: Mitesh Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com, in a chat with ET NOW talks about media stocks.

Is there a trade into any of those media stocks because Hathway Cable denied the news and the stock has stayed up stubbornly so? In fact that’s the trend today, even in fertilisers. While the news came in that there would not be any decontrol or price hikes are not happening, the stocks have stayed firm, so media in particular, the Hathway Cables and the Den Networks of the world? Is there a trade?

Mitesh Thacker: I like both of them. In fact, Hathway, we had got in at about 127-128, taken profits at about 140, trail this stop loss to about 129. So hold onto that. 145 was the price target, which I was initially looking for. But 160 is also good possibility.

Similarly Den Networks, while it has kind of slightly come off from the day’s high but the pattern otherwise remains very strong and my sense is that it would test 75, which is the 200-day average. So, another 20% upside is likely in the next few days. So, I would hold onto all theses stocks and while a fresh entry may not be very advisable right now but we have already had entries during the day.