Mitessh Thakkar: BUY JSW Steel, SAIL; SELL CoForge
Technical analyst Mitesh Thakkar has suggested two BUY Calls and one SELL Call for today’s trade, indicating a neutral outlook for Indian stocks. Indian markets are expected to open positive today but we can also expect selling pressure at higher levels. For NSE Nifty, 19435 is main resistance and above that level 19,500 acts as resistance. US markets closed mixed on Monday while European stocks witnessed small recovery.
Thakkar has suggested two BUY Calls for steel counters for today’s session. JSW Steel is on Thakkar’s radar for the session with BUY recommendation at current price for target of Rs 840 with Stop Loss at Rs 792. The stock is looking strong on the charts. Thakkar has suggested BUY Call for PSU steel major SAIL at current price for target of Rs 95 with Stop Loss at Rs 82.
Thakkar has suggested SELL Call for CoForge at current price with a stop loss at Rs 4675 and price target of Rs 4450. The stock can witness selling as technical charts suggest weakness.
All trades should be conducted with strict Stop Loss. Markets can have unpredicted moves based on news and trends in the global markets. Stop Loss is an important strategy to reduce the risk in case the stock doesn’t move as per the call given by market experts.