Mitesh Thakkar: SELL ICICI Prudential, Wipro; BUY Nestle India and Dabur
Market analyst Mitesh Thakkar has suggested two BUY Calls and Two SELL calls for today’s trading session. Indian markets are expected to open weak today as US markets closed low on Wednesday. Dow Jones Industrial lost nearly 1.9 percent after a trading session that was led by bears. Markets are waiting for the results of efforts taken by governments across the world to deal with coronavirus pandemic. Also, market participants are waiting to see when the governments across the world plan to open economies.
Thakkar has a BUY Calls for FMCG majors Dabur and Nestle India. Traders can BUY Dabur with a stop loss of Rs 490, target at Rs 520. FMCG companies have witnessed strong sales as people stocked groceries due to lockdown. Market experts are expecting stronger sales for FMCG companies as consumption will be higher during home stay for billions of Indians. Thakkar suggests traders to Buy Nestle India with a stop loss of Rs 16,990, target at Rs 18,200.
Another call from Mitesh Thakkar is for financial services company ICICI Prudential. Traders can initiate a SELL trade in ICICI Prudential with a stop loss of Rs 337, target at Rs 310.
Thakkar also suggests SELL CALL for technology major Wipro with a stop loss of Rs 190, target at Rs 178. Technology companies have managed with lower decline compared to some other sectors during the recent panic selling after coronavirus spread across the world.
Traders should consider strict stop loss for all the trades as markets are highly volatile these days.