Mahindra Satyam a good long term bet, says Sharma

Mahindra Satyam is a good long term bet, says Salil Sharma, Technical Analyst, Kapur Sharma & Co.

Sharma told CNBC-TV18, "Mahindra Satyam is a very interesting share If it closes above Rs 88 where its 200 week moving average is then that would be turned very bullish and be a clear indicator of the share having bottomed out. It was a nearly four years back that the share had plunged below that level and now after four years it has managed to come above its 200 week moving average. So I think that is again a good signal for long-term buying." He further added, "Among sugar stocks, Balrampur Chini Mills has given a breakout. So one can go long on it with the stop loss of Rs 58 and a target of Rs 66. Similarly, even Bajaj Hindusthan, one can go long with the stop loss of Rs 31 and the target of around Rs 38. So there are number of options in the midcap space. So I think one can expect even an outperformance from the midcap index in coming months."