Exit Cairn India at around Rs 340-345: Thacker

Exit Cairn India at around Rs 340-345, says Mitesh Thacker, Technical Analyst, miteshthacker.com.

Thacker told CNBC-TV18, "I think if you just recall the earlier price movement of Cairn, we saw lot of daily tops being made around the levels of Rs 340-345. So my belief is that with the crude probably showing a lot of strength, this stock could move upto those levels but the upsides could be capped around those levels. So, Rs 340-345 could be good levels to exit any kind of long positions." The company touched its 52-week high Rs 368.00 and 52-week low Rs 267.40 on 16 Aug, 2010 and 26 Feb, 2010, respectively. Currently, it is trading -10.12% below its 52-week high and 23.69% above its 52-week low. Market capitalisation stands at Rs 62,866.86 crore.