Mitesh Thacker\'s top picks for trade today

Technical analyst Mitesh Thacker is bullish on the prospects of Chambal Fertilizers, Kingfisher, Petronet LNG and Reliance Industries. He advises traders to buy into these stocks. However, he is bearish on GMR Industries.

Thacker also spoke about his reading of the market and the road ahead.

Here are the key levels to watch out:

RIL

After months of underperformance, for the last couple of weeks, this stock has come in favour. It has been outperforming the markets. It remains in a good uptrend. Days like yesterday, when we get a pullback, back to its moving averages could be good days to buy. Buy with a very tight stop loss of Rs 1,033 which is only Rs 15 away and for price targets of Rs 1,090.

Kingfisher Airlines

This stock has been in a very good uptrend for sometime now. We have seen a pullback to its short-term averages. The support at Rs 72-74 should hold on and the stock could bounce back and retest its recent highs of about Rs 81-82. That is the price target of Rs 81-82 for short-term traders while the stop loss would be about Rs 71.50.

GMR Infra

The levels of Rs 55-55.50 have been very strong support levels for GMR for quite some time now. What we are seeing for the past couple of days is that the price has been trading comfortably below this level. While that is a weekly support level and we are still a couple of days away from the weekly closing, the setup remains distinctively negative. It could head towards targets of about Rs 51 to 49 and the stop loss for short positions would be above Rs 55.50.

Petronet LNG

It?s headed higher from here. In fact, it is one of the outperformers in this market. The technical set up remains very positive and this stock is repeatedly testing new highs. Rs 135-140 could be a good short-term target here and the stop loss for long positions would be about Rs 116.

Chambal Fertiliser

These stocks have done very well for the last few weeks. Then we saw some kind of a corrective pullback, basically retracing the gains which the stock prices have recorded. From Rs 94 Chambal has already come down to Rs 84 after it moved up from the levels of about Rs 70. There is strong support around Rs 84-83. I think it?s a good time to buy as it could retest highs of Rs 91 or even Rs 94 and the stop loss for long positions would be just below Rs 82.

Below is a verbatim transcript of his interview on CNBC-TV18. Also watch the accompanying videos for more.

Q: What about the Nifty, do you think 5,980 supports will hold out this week?

A; The critical level which I am watching on Nifty is 5,950-5,930. If you take the entire move from levels of 5,400 to highs of 6,280, the 38.2% retracement level which is technically an important support area comes at 5,930. The 34 day exponential moving average stays at 5,950. My belief is this entire band of 20-30 points is where we should see a good bounce back from here. In case the bounce back is weak, I would be worried and then think about the possibility of a breakdown from these levels.

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