Apr 24, 2012, 02.34 PM | Source: CNBC-TV18

Lanco Infratech can test Rs 18-18.50: Kulkarni

Lanco Infratech can test Rs 18-18.50, says Shardul Kulkarni, Angel Broking.

Shardul Kulkarni, Angel Broking
Lanco Infratech can test Rs 18-18.50, says Shardul Kulkarni, Angel Broking.

Kulkarni told CNBC-TV18, "Lanco Infratech gave you a very strong rally from lows of Rs 8.50 right upto Rs 24-25. Now a normal correction of that particular rally has taken place and the 61.8% retracement support level is at Rs 14.81. Incidentally, the stock is exactly at that particular level, so I would say that any short positions that have been created earlier should be covered at the current levels because it is very likely that the stock will bounce from the current levels. Probably may move to around Rs 18-18.50 and continue its previous value which has taken place or may just consolidate but it makes a lot of sense to cover short positions in case of Lanco if someone has created. We have positions in Lanco Infrastructure."

The company touched its 52-week high Rs 43.90 and 52-week low Rs 8.50 on 27 Apr, 2011 and 19 Dec, 2011, respectively. Currently, it is trading -65.15% below its 52-week high and 80% above its 52-week low. Market capitalisation stands at Rs 3,683.94 crore.

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