SP Tulsian, sptulsian.com advice traders to book profits in Coal India around Rs 350-355.
Tulsian told CNBC-TV18, “FSA or the penalty is a positive news for Coal India, but I wont be buying the stock beyond Rs 350-355 because I have been maintaining that presuming that penalty will not be such a serious thing definitely there will be some way out by the government or by the company, still I am taking Rs 350-355, still I am maintaining the same view that we are going to see the profit booking coming in at Rs 350-355 level.”
He further added, “Now the share is ruling close to that range. So, I won’t be definitely creating a long position at this level. Again the share in most probability is likely to get corrected to about Rs 325 where fresh entry can be made, but yes the old fear of penalty and all that has gone away which is definitely positive for the stock.”