Sterlite Technologies has target of Rs 60, says Nooresh Mirani, AVP Technical of AMSEC Research.
Mirani told CNBC-TV18, "Sterlite Technologies - although the long-term trend for the stock looks to be down but over the last few months it has made multiple bottoms in the zone of Rs 43-45, recently it has staged a smart recovery back to Rs 55 levels."
He further added, "In the last few weeks we see the data it has made couple of higher bottoms. The recent top being around Rs 56, the last closing above Rs 56, makes it a higher top, a higher bottom formation; this gives a possible turnaround in the stock. And these are the first signal for the stock to be turning around and such a turnaround stock tends to move up 30-50% over the next 6-12 months. So I would expect the stock to touch Rs 70-80 over the next 6-12 months, my short term target is Rs 60 and investors can continue to hold on to the stock till it stays above Rs 50 levels."
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