Jay Thakkar picks HUL as his Call Option recommendation; sees upside in this FMCG stock
Market expert Jay Thakkar gives a thumbs down to the domestic stock markets recommending a NOTA. He said that there is selling pressure at higher levels and Nifty50 has failed to cross 17,600-17,625. It has been trading in a narrow range where buying is seen at lower levels while selling at top levels, Thakkar said.
Market expert Jay Thakkar gives a thumbs down to the domestic stock markets recommending a 'NOTA'. He said that there is selling pressure at higher levels and Nifty50 has failed to cross 17,600-17,625. It has been trading in a narrow range where buying is seen at lower levels while selling at top levels, Thakkar said.
He is Head of Research & Vice President at Marwadi Shares and Finance Ltd.
He trains his focus on stocks and picks a Call option of Hindustan Unilever (HUL). The strike price is Rs 2300 and must be bought at Rs 48, he added. He said that the risk-to-reward ratio is quite good at this level. He puts the stop loss at 36. He foresees two targets - one at 66 while the other at 75.
He said that most Fast Moving Consumer Goods (FMCG) stocks are witnessing a good momentum and HUL has experienced some underperformance in comparison to its other peers. It has seen consolidation and is now giving weekly positive closings, though it is still somewhat sideways.
He said that the stock is heading towards 2400-2450 by next week.
The above recommendation was given in the popular TV show ‘Cash ka Option’.
The analyst also sees support for Nifty Bank at 38,500. The support was initially around 38,750-38,800 and it bounce back to 39,200-39,300. It has corrected from those levels and is now taking a fresh support at 38,500.
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