Sterlite Industries can move to Rs 118-120, says Jitendra Panda, Future Capital.
Panda told CNBC-TV18, "If you can see metals and the capital goods are adding open interest in last two days and today also in the morning session we have seen an increase in open interest whether it is Tata Steel or whether it is Sterlite, around 3-5% we have seen increase in open interest on the long side."
He further added, "We believe of the two picks Sterlite would be a better pick because it has again taken the support of Rs 109-108 levels and from there it is moving up. So Rs 109 could be a good stop loss level and from this level can move to again the higher range Rs 118-120 which has been moving for the last one and half-two months. So we can see some trading gains available. With a target of Rs 118 long positions can be built on Sterlite. Tata Steel also is positive but I would recommend Sterlite at this juncture for a trading gain at least for a week a position can be kept for this stock actually."