CNBC-TV18 - Sterlite Industries has support at Rs 402-403: E Mathew

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Sterlite Industries has support at Rs 402-403: E Mathew

Published on Thu, May 14, 2009 at 16:24 | Updated at Thu, May 14, 2009 at 16:37 | Source : CNBC-TV18

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Technical Analyst, E Mathew is of the view that Sterlite Industries has support at Rs 402-403.

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Mathew told CNBC-TV18, "Sterlite has shown some remarkable weakness today and I don’t think one could just dismiss it as profit taking, what is a little disappointing about Sterlite is when it tried to pierce that Rs 470 zone and the way it has fallen today is pretty disappointing. The next reasonable support for Sterlite is round about Rs 402-403 zones and at least for a trader it’s going to be quite difficult to trade this stock."

Disclosure: It is safe to assume that analyst and his clients may have investment interest in the above stock.

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