We recommend a buy in Cairn India at current levels. From the charts of Cairn India, we note that it has been on a long-term uptrend since its IPO in early January 2007. However, the stock touched its life high at Rs 230 in early November and made a short-term corrective decline to Rs 195 levels. Recently, the stock found support at Rs 195 levels, which coincides with 50-day moving average line and it resumed its uptrend. We see that there is an increase in volume in the l ast trading session. The daily momentum indicators are rising towards the bullish region. The immediate support for that stock is at Rs 195 and the next support is at Rs 184 levels. Short-term investors can utilise this correction for buying the stock with stop loss at Rs 197. We expect the stock to move up and reach our target of Rs 240 in the short-term.
Via Businessline
No comments:
Post a Comment