Mitessh Thakkar: BUY Sun Pharma, IDFC First Bank; SELL Navin Fluorine and UPL
Technical analyst Mitesh Thakkar has suggested two BUY Calls and two SELL Calls for today’s trade, indicating a neutral outlook for Indian stocks. Indian markets are expected to open flat today and we can expect selling pressure at higher levels. Markets have remained firm during the last two sessions but there are signs of weakness in certain counters. Some stocks are currently overvalued and markets will also witness stock specific action these days as many companies will be announcing quarterly results.
Thakkar has suggested BUY Call for pharmaceutical major Sun Pharma at current price for target of Rs 1110 with Stop Loss at Rs 1050. The stock is looking strong on the charts. Thakkar has suggested BUY Call for IDFC First Bank at current price for target of Rs 87 with Stop Loss at Rs 81.
Thakkar has suggested SELL Call for Navin Fluorine at current price with a stop loss at Rs 4350 and price target of Rs 4125. The stock can witness selling as technical charts suggest weakness. The stock has declined in the recent weeks and we can expect further decline. Thakkar has suggested SELL Trade for UPL at current levels with target price of Rs 620 and Stop Loss at Rs 656.
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.