Momentum stocks in green zone: Mitesh Thacker

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


What do you think about momentum stocks, GVK, GMR, Suzlon, Lanco? For traders, are they still in a green zone or are they now approaching the red zone?

They remain in the green or positive zone. We have not seen any kind of signals of reversal happening over there. These stocks are high beta which means that typically when the market rally is broad based with midcaps participating nicely, these stocks will do well. GMR is now comfortably trading above its 200-day average, same for IVRCL. Lanco would probably move up and it has just given a breakout though it is still far away 20 odd levels. After 8-10 days of consolidation we saw higher closing on Lanco. Maybe another Re 1-1.5 is possible which is 10% of the stock price.