Profit booking likely in Dish TV around Rs 63-64: Tulsian

Tulsian told CNBC-TV18, “Dish TV, yesterday when they announced the results I gave my view that stock looks good at Rs 54 with a target of about Rs 62-63 but honestly that too in next one month or so largely because the results were seen good. If not at the net level atleast at the EBITDA level but I did not really expect yesterday that it can really move up by about 10-11% in a single day because generally if you see the pattern because of the high depreciation burden the cash profit of the company is quite high.”

He further added, “We have been seeing the stock having a lot of resistance at Rs 64 and lot of renewed buying or value buying interest coming back into the stock at Rs 53-54. Yesterday was the right level of Rs 54 when we discussed in the afternoon show that it qualifies a buy at this level. But yes now I think again one should wait because generally the traders are doing mistake that they ride the momentum. As we have discussed in case of L&T here also we see people, traders or maybe the short time investors buying the stock at Rs 61-62 but I think the profit booking will start emerging maybe at a level of Rs 63-64. So it is very risky to enter at these levels into the stock.”

“ Voltas has the tendency of giving a huge volatility. I gave my reaction in the morning also that we see good amount of volatility coming in into the stock. Suddenly it moves to Rs 110-112 where we see the profit-booking coming in, but no specific reason for the weakness, which we have been witnessing today.”