Sell Essar Oil, says Mitesh Thacker

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Sell Essar Oil, says Mitesh Thacker

Sell Essar Oil, says Mitesh Thacker, Technical Analyst, miteshthacker.com.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Hold Essar Oil, target of Rs 160: Firstcall Research Essar Oil Q3 net loss at Rs 226 cr Buy Essar Oil on dips, says Sukhani ALSO READ See previous views by Mitesh Thacker See what other Experts & Brokerages are saying about Essar Oil See messages about Essar Oil Essar Oil BSE | NSE 31/05/12 Are Mutual Funds betting on Essar Oil?

Sell Essar Oil , says Mitesh Thacker , Technical Analyst, miteshthacker.com.

Thacker told CNBC-TV18, "In Essar Oil there is a bearish price pattern happening on price chart. The breakdown happens at a price of around Rs 131-130 and then it can go all the way down to Rs 125-120 levels."

He further added, "I think a sell can be taken at current levels with a stoploss of around Rs 138.50. The targets would be Rs 125 and Rs 120."

At 09:19 hrs the share was quoting at Rs 133.10, down Rs 0.75, or 0.56% with volumes of 150,132 shares. Currently the stock is138.53% above the 52-week low of Rs 55.80. The company's trailing 12-month (TTM) EPS was at Rs 4.24 per share.