Sensex tumbles over 1,100 points from today’s high and ends at 57,065; Tata Steel Drops 4%, Kotak Bank 3%
Buy Zee, Tech Mahindra, Tata Motors, Tata Power, Indian Hotels: Mitessh Thakkar
Here are five buying recommendations from Mitessh Thakkar of winwaves.com:
–Zee Entertainment gave a good pullback, and is now close to the support pivot of Rs 326. We can keep a stop loss around Rs 324 for a target of Rs 350.
–Technology Mahindra sees a good follow-up after a withdrawal. It’s a ‘buy’ now with a stop loss below Rs 1,140 for a target of around Rs 1,175-1,180.
–Tata Motors is a good buy. The decline could be a good entry opportunity. One can buy whenever the stock comes back in this range of Rs 460-435. Keep a stop loss below Rs 420-415, and the first target should be Rs 540, but it could possibly go up to Rs 610, and possibly even Rs 650 more.
–Tata Power has performed very well and should remain a good buying opportunity. Medium term support is closer to Rs 200-190 levels. Any drop to Rs 210-200 levels should be a good buying opportunity with a stop loss below Rs 180. The stock should not just hit Rs 260 again.
–Indian hotels have made a big breakthrough from Rs 156 to around Rs 162, and have reached historic highs. In this decline, the stock returned to these levels. Any drop close to Rs 170-165 would constitute a buying opportunity with the stock ready to retest Rs 230. A stop loss should be maintained below Rs 155.