Mitesh Thakkar: BUY IGL, Torrent Pharma; SELL HPCL and HDFC
Market analyst Mitesh Thakkar has suggested two BUY calls and two SELL calls for today’s trade. US markets have closed mixed on Monday and Asian markets are also giving mixed signals today. Crude oil prices have declined slightly on fears of second wave of coronavirus but the prices were supported by lower production figures from Saudi Arabia. Gold prices declined slightly after the precious metals witnessed rally over the last few trading sessions. Indian markets are expected to remain range-bound for the trading session.
Pharmaceutical sector has been in focus over the last four weeks as coronavirus led to major selling in stock markets worldwide. Majority of pharmaceutical companies are expected to register increase in their sales. Many pharmaceutical stocks have touched their 52-week high in the recent days as investors have been shifting money from other sectors to pharmaceutical sector. Thakkar suggests Buy for Torrent Pharma with a stop loss of Rs 2,450, target at Rs 2,600. Mitesh Thakkar has suggested traders to initiate Buy IGL with a stop loss of Rs 484, target at Rs 520.
Banking and financial services major HDFC is on Thakkar’s Sell list for the trading session. Traders can Sell HDFC with a stop loss of Rs 1,690, target at Rs 1,580.
While other market analysts have suggested SELL call for BPCL, Thakkar has suggested SELL for Oil PSU HPCL. Traders can Sell HPCL with a stop loss of Rs 198, target at Rs 180.
TopNews will review the performance of trading calls by the end of the trading session. We suggest strict Stop Loss for all the trades as markets are highly volatile these days.