Dec 03, 2012 05:59 PM IST | Source: CNBC-TV18

Book profit in Pantaloon Retail around Rs 240: SP Tulsian

SP Tulsian, advises traders to book profit in Pantaloon Retail around Rs 240.

SP Tulsian, advises traders to book profit in Pantaloon Retail around Rs 240.

Tulsian told CNBC-TV18, “I have positive view on Pantaloon Retail because I am hopeful that the pass-through will happen in parliament even after the voting and that will definitely be- though the larger portion has been factored into the price. If you recall I was taking a call of about Rs 240, if the voting happens in favour of Congress or maybe in favour of FDI in retail.”

He further added, “A larger portion of that has been factored in, but yes, Rs 240 is the level where one should really look to book profit because it will be crucial to see whether the sell on news happens, as a part of profit booking because we have seen a good run up in the stock. In this last one week or so it fell to as low as Rs 185 on the apprehensions when the BJP made their demand. So cautious stance beyond Rs 240, but yes, till then the positive view.”

“Last week I had taken a positive call on Pantaloon and CESC if you recall. CESC the call was given at about Rs 280-285 or so. In fact both are significant players in this space and one can look to add Shoppers Stop and Trent but I am not too positive on the stocks like S Kumar and all that from a retail point of view. One may say that S Kumar since has taken such a big beating we are seeing the value buying or maybe renewed buying interest coming in at the lower level. If you take the bad results having posted by the company for Q2 also in spite of that the stock doesn’t seem to have much downside from hereon. So, maybe the renewed buying in this is coming in from at the lower level and not from the FDI in retail point of view but just as a fundamental or as a value call.”

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