Mitesh Thakkar: SELL Tata Steel, PowderGrid, Nestle and BUY Bata
Market analyst Mitesh Thakkar has suggested three SELL calls and one BUY call for the trading session. Indian markets are expected to open low today as US markets were trading low yesterday. Asian markets are also trading low for the today’s session as investors are concerned about slow recovery. As the US economy struggles to get back on track, it will also impact the world economy and demand from the US consumers. Economic indicators are suggesting massive reduction in economic activity due to lockdowns announced by governments in different regions across the world.
Traders can BUY shoes and apparel company BATA as per Thakkar. As per Thakkar, traders can initiate Buy trade in Bata with a stop loss of Rs 1,355, target at Rs 1,400. Thakkar has also suggested traders to Sell Nestle with a stop loss of Rs 16,750, target at Rs 16,000. After Nestle announced its quarterly results, many brokerages have downgraded the stock or their target price for Nestle. We can expect Nestle to remain low for next few trading sessions.
Thakkar has also suggested SELL for PowerGrid with a stop loss of Rs 169, target at Rs 158. Another stock on Thakkar’s selling list is Tata Steel. Traders can Sell Tata Steel with a stop loss of Rs 282, target at Rs 264.
Indian markets could remain low for today’s session after a strong move yesterday. Indian government has announced a massive stimulus package for helping Indian economy to come out of troubled times. COVID-19 outbreak has impacted business activity across the world and we could see a slow recovery from the crisis caused by pandemic.