Go long in Aban Offshore , says Siddharth Bhamre, Angel Broking.
Bhamre told CNBC-TV18, "In Aban Offshore, we are seeing last three trading sessions as being good amount of open interest has been added. If you look at the price movement, it has been quite strong. I feel the counter has some kind of a resistance at current level where it is right now, say around Rs 360 odd levels. There would be a breakout which we are anticipating. There is a good correlation between Great Offshore and Aban Offshore."
He further added, "If one look at the Great Offshore price movement, it has been quite strong but the counter is not that liquid and long position addition in Aban. So we are anticipating this breakout not for a very big upside move but you might see 5-6% upside move and probably you can see levels of Rs 394. Fix a stop loss of Rs 347 and go long in this."
