Sterlite Industries may slip to Rs 365-370: Mathew

Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Sterlite Industries hits 52-week low Sterlite Inds a market performer: HDFC Securities Sterlite Ind Sept '08 qtr PAT seen at Rs 120.85 Cr: M Oswal ALSO READ See previous views by E Mathew See what other Experts & Brokerages are saying about Sterlite Ind See messages about Sterlite Ind Sterlite Ind BSE | NSE 10/02/12 Are Mutual Funds betting on Sterlite Ind?

Technical Analyst, E Mathew is of the view that Sterlite Industries may slip to Rs 365-370.

Mathew told CNBC-TV18, "In Sterlite Industries, infact post the revision of the restructuring etc there was some hope that the support would hold out. But unfortunately the way the stock has tanked below Rs 420-425 clearly indicates that it is still in the grip of the bears and in this bout of hammering, I would not be surprised if it does come down to the Rs 365-370 zone. But having said that incidentally is a very strong support zone and may be one could attempt some good contrarian buying because from Rs 365-370, one could look for a retracement of the entire fall."

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