Apr 01, 2013, 12.08 PM | Source: CNBC-TV18
Sudarshan Sukhani of s2analytics.com feels that Cairn India may slip to Rs 250.
Sudarshan Sukhani (more)
Technical Analyst, s2analytics.com | Capital Expertise: Equity - Technical
Sukhani told CNBC-TV18, "We had a target between Rs 250 and Rs 270 but it was falling from Rs 320. The chart patterns sometimes work very well. It has reached Rs 270. It is no necessary for a stock to stop at a target price. It can always come down to the lower levels even exceed it on the downside or upside because Cairn’s chart even on Thursday was fairly bearish and downbeat."
He further added, "I think that decline to Rs 250 is coming. Therefore, Cairn still remains a short selling idea except that if one has some profits, take it because at some point support will come."
The share touched its 52-week high Rs 365.90 and 52-week low Rs 267.90 on 17 September, 2012 and 28 March, 2013, respectively. Currently, it is trading 23.87% below its 52-week high and 3.98% above its 52-week low. Market capitalisation stands at Rs 53,209.29 crore.