Mitesh Thakkar: BUY Torrent Power, CIPLA, MGL and SBI
Market analyst Mitesh Thakkar has suggested four BUY calls for traders today. Thakkar is bullish on Indian markets as indicators suggest a strong opening for Indian stocks. We could see renewed buying in many counters as Indian economy is picking up and last quarter data has raised optimistic view among traders. The data for June quarter would be very important for Indian economy and stock markets but we could see early indicators in reports from automobile industry and technology companies. Asian markets opened strong on Monday while US stocks closed flat on Friday.
Thakkar has suggested BUY Call for pharmaceutical major Cipla. As many pharmaceutical companies have been trading strong during the last few weeks, Cipla has touched 52-week high. The trading call suggested by Thakkar expects a new 52-week high for Cipla. Traders can BUY Cipla with a stop loss of Rs 639, target at Rs 667.
Other stock on Thakkar’s radar for the day is MGL. Traders can Buy MGL with a stop loss of Rs 959, target at Rs 999.
Thakkar has also suggested BUY call for power major Torrent Power. Traders can initiate a BUY trade in Torrent Power with a stop loss of Rs 311, target at Rs 332. PSU banking major SBI is also on Thakkar’s buy list for the day. Indian banks witnessed a strong recovery last week and we could see momentum in some of the biggest PSU banks in India. Thakkar suggests traders to Buy SBI with a stop loss of Rs 158, target at Rs 169.
TopNews will review the performance of trading calls by the end of the trading session. Indian markets are expected to close strong on Monday.