Vijay Shanthi has target of Rs 140-141: Mathew

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Vijay Shanthi has target of Rs 140-141: Mathew

Technical Analyst, E Mathew is of the view that Vijay Shanthi Builders has target of Rs 140-141. It is a real estate company and these stocks were hammered down mercilessly.

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Excerpts from Markets Midday on CNBC-TV18 Watch the full show » ALSO READ See previous views by E Mathew See what other Experts & Brokerages are saying about Vijay Shanthi See messages about Vijay Shanthi Vijay Shanthi BSE | NSE 31/05/12 Are Mutual Funds betting on Vijay Shanthi?

Technical Analyst, E Mathew is of the view that Vijay Shanthi Builders has target of Rs 140-141.

Mathew told CNBC-TV18, "Vijay Shanthi Builders is a real estate company and these stocks were hammered down mercilessly. I find that this sector to me it looks like the sector has bottomed out and now this is a stock which has seen a high for about Rs 220, on 17th August 2007 and it has seen a massive fall all the way down to about Rs 57 or Rs 58, from where the base building pattern has started."

He further added, "I have observed sort of a breakout which has taken place above Rs 88; in fact Rs 90 is another big breakout which has taken place. Keeping a stoploss of around Rs 87 to Rs 88, one could look for a short term target of Rs 140 to Rs 141, which is a very strong resistance. So strict stop losses of course have to be kept in this trading strategy but for swing traders this could be a very good buying opportunity."