Mitesh Thakkar: SELL Nestle, Divis Labs; BUY Motherson Sumi and Cholamandalam Fiance
Market analyst Mitesh Thakkar has suggested two SELL Calls and two BUY calls for today’s trading session. Dow Jones declined by half a percent yesterday but the US markets have been trading strong over the last few trading sessions. Indian markets have witnessed selling pressure at higher levels over the last few trading sessions. Markets aren’t able to sustain at higher levels and we have witnessed selling in select counters. Indian markets will have to decisively cross the major resistance levels for stocks to rally further. For the moment, we can see sideways trading which is actually quite good for day traders.
Thakkar has suggested contrarian call on pharmaceutical company Divis Labs. Majority of market analysts have been suggesting BUY Calls for pharmaceutical companies as these companies have witnessed sustained buying during the last few weeks. Traders can Sell Divis Labs with a stop loss of Rs 2,322, target at Rs 2,250, as per Thakkar.
Other stock on Thakkar’s selling list for the day is FMCG counter Nestle. Traders can Nestle with a stop loss of Rs 16,400, target at Rs 15,700.
Thakkar has suggested BUY Call for small financial services company Cholamandalam Finance with a stop loss of Rs 161, target at Rs 178. In automobiles sector, Thakkar has suggested Buy Call for Motherson Sumi with a stop loss of Rs 94, target at Rs 104.
As Indian markets are expected to remain range-bound for today’s session, we can see stock specific action. TopNews will review trading call performance by the end of the trading session.