Mitesh Thakkar: BUY Reliance, Amara Raja; SELL Cummins India and Ashok Leyland
Market analyst Mitesh Thakkar has suggested two BUY calls and two SELL Calls for the trading session. Indian markets are expected to open low on Monday and we could see further weakness in the indices. Asian markets are sending mixed signals and closing for the market will also depend on the trends in the European stock exchanges.
Reliance Industries has been in the news over the last few weeks as the company has been announcing technology companies investing in its venture Jio Platforms. Reliance Industries has planned to reduce its debt to nil and Mukesh Ambani has indicated that it could even happen earlier than the planned date for debt reduction. Reliance is also adding new segments to its business and Jio Platforms could be the future growth segment for the company.
Reliance has also announced Rights Issue to raise funds from existing investors. Market experts have given positive ratings to Reliance Rights Issue. Thakkar suggests traders to Buy RIL with a stop loss of Rs 1,444, target at Rs 1,490.
Other stock on Thakkar’s radar for the trading session is battery maker Amara Raja batteries. Traders can Buy Amara Raja with a stop loss of Rs 564, target at Rs 600.
Engineering company Cummins India is on Thakkar’s selling list for the trading session. Traders can initiate a Sell trade in Cummins India with a stop loss of Rs 346, target at Rs 320. Automobile major Ashok Leyland is also on Thakkar’s sell list for the day. Traders can Sell Ashok Leyland with a stop loss of Rs 48.5, target at Rs 45, as per Thakkar.
TopNews will review call performance by the end of the trading session.