Hold Punj Lloyd, says Anu Jain

Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Buy Punj Lloyd, says Gujral Vora upbeat on Punj Lloyd, J Kumar Infra ALSO READ See previous views by Anu Jain See what other Experts & Brokerages are saying about Punj Lloyd See messages about Punj Lloyd Punj Lloyd BSE | NSE 09/02/12 Are Mutual Funds betting on Punj Lloyd?

Hold Punj Lloyd , says Anu Jain , IIFL Private Wealth Management, India Infoline.

Jain told CNBC-TV18, "Punj Lloyd prior to today morning's whole conversation was bullish on the charts. So I think post that it is an action which is more event driven."

She further added, "In the morning it was looking that it will probably go upto Rs 188 but I think probably this supply is just temporary, so I would still be bullish on lower levels. It has come out of a long phase, so I am not saying it is a best infrastructure stock to get into but technically it looks like Rs 177-178 is a good price to hold on."

At 13:30 hrs the share was quoting at Rs 179.65, down Rs 5.55, or 3%. On Friday the share closed up 2.77% or Rs 5.00 at Rs 185.20. Market capitalisation stands at Rs 5,964.98 crore.

The company touched its 52 week high Rs 298.80 and 52 week low Rs 92.45 on 15 Oct, 2009 and 27 Mar, 2009, respectively. Currently, it is trading -39.88% below its 52-week high and 94.32% above its 52-week low.