Below Rs 380, Satyam can slip to Rs 360: E Mathew

Technical Analyst, E Mathew is of the view that below Rs 380, Satyam Computer Services can slip to Rs 360. It does not look impressive on charts, he added.

Mathew told CNBC-TV18, "I know a section of the market is quite gung-ho on technology but frankly if you look at the charts whether it is Satyam or an Infosys not a very impressive picture."

He further added, "Satyam has got a decent support around that Rs 380-385 zone and that is a critical zone. If that breaks, I am afraid you could see Satyam even go to as low as Rs 360. All this is happening on a day when we have seen a fine rally in the Nifty. Even if you look at the chart of Infosys, I think at best you could see something like a pullback rally. So what is paradoxical is that even though the rupee is supporting these companies inspite of that you have this sort of behaviour, which is quite disturbing. What is even more disturbing in the case of Satyam specifically is the support of Rs 360-364; I wonder whether it would really hold this time."
 
Disclosure: It is safe to assume that analyst & his clients may have an investment interest in the stocks/sectors discussed.