Aban Offshore has target Rs 4250-4500: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that Aban Offshore has target of Rs 4250-4500 in atime span of may be 8-12 months.

Bhambwani told CNBC-TV18, "Aban Offshore has been a market outperformer with a very good relative strength comparative vis-à-vis the Nifty. So I have always believed that if one is investing money into an individual stock vis-à-vis the Nifty 50 where your actually spreading your risk across Nifty stocks, the return should be at least twice over and above what you would have got on the Nifty."

He further added, "This stock satisfies that criteria. It has shown a consistent rising tops and bottoms formation on the weakly and monthly charts. I recommend buying at approximately Rs 3,600 levels with a stop loss at Rs 3,150 give or take Rs 50-75 with a target of Rs 4,250 to Rs 4,500 in a time span of may be 8-12 months and this target could actually stretch upwards depending on the market conditions and I believe the Rs 4,250-4,500 range is a conservative one."     

Disclosure: Analyst doesn' t have personal holdings in Aban Offshore.