Mitessh Thakkar: BUY HDFC AMC, Dr Reddy’s; SELL UPL and Hindalco
Market expert Mitesh Thakkar has suggested two BUY Calls and two SELL Calls for today’s trade. Indian markets are expected to open flat and we can expect stock specific action in the markets today. The markets are expected to remain slightly negative today. The market rally in the last few weeks paused during the last week. Markets are looking for next major trigger and have remained in a narrow range during the last few sessions.
Thakkar has suggested BUY Call for HDFC AMC at current price with a stop loss of Rs 1990 and a target of Rs 2075. The stock is looking strong on the charts and has given a positive breakout. The stock has gained nearly 8 percent during the last three weeks.
Thakkar has suggested BUY Call for pharmaceutical major Dr Reddy’s at current price with a stop loss of Rs 4950 and a target of Rs 5100. The stock is looking strong on the charts and has been buoyant after positive news from the company.
Thakkar has suggested SELL Call for UPL at current levels with a stop loss of Rs 676 and a target of Rs 642. The stock is looking weak on the charts. Thakkar has suggested SELL Call for metal counter Hindalco. Traders can SELL Hindalco at current price for target of Rs 392 with Stop Loss at Rs 415.
Markets will be looking for cues from European opening and US Futures during the closing session. Last week, Indian markets touched all-time highs. Market participants have been expecting a small correction in the markets. However, the medium and long term sentiment remains positive.