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Hormuz Maloo feels that as market will perform better in near future, Essar Oil is likely to reach level of Rs 45.
Maloo told CNBC-TV18, "At present it is moving sideways and that is really not so bad, considering how weak the market has been recently. It will have some resistance around its previous high and that level will be tested again. Considering the markets will perform slightly better for few months to come, it is likely that this stock will reach the level of Rs 45."
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