Sterlite Ind can go down to Rs 360: Bose

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Sterlite Ind can go down to Rs 360: Bose

Technical Analyst, Rajat K Bose is of the view that Sterlite Industries can go down to Rs 360-370 as all metal stock are looking weak.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by Rajat K Bose See what other Experts & Brokerages are saying about Sterlite Ind See messages about Sterlite Ind Sterlite Ind BSE | NSE 28/05/12 Are Mutual Funds betting on Sterlite Ind?

Technical Analyst, Rajat K Bose is of the view that Sterlite Industries can go down to Rs 360-370 as all metal stock are looking weak.

Bose told CNBC-TV18, "Sterlite Industries, Steel Authority of India Limited (SAIL), National Aluminium Company , (Nalco), Hindalco they are all looking weak. I am a little surprised because about a couple of weeks back at least some of them were not showing so much of weakness, but now the weakness seems to be pretty strong. Sterlite can even move down once again to about Rs 370-360 odd levels that is a possibility for Sterlite. Hindalco is already down, we have been thinking that it has got value and let's buy it and yet it disappoints us going further down."
 
He further added, "So I am really worried about one thing. This is a very strange scenario where you see commodities; crude, gold even your equities are all going down. There is already a talk about whether the worry in US is inflation or it is going to be deflation. So if that is the case then things would actually look pretty bad, so let's see how things really pan out."

Disclosure: It is safe to assume that analyst & his clients may have an investment interest in the stocks/sectors discussed.