Short Coal India on rally, may dip to Rs 330: Kulkarni

Short Coal India around Rs 352-354. It may fall to Rs 330, says Shardul Kulkarni of Angel Broking.

Kulkarni told CNBC-TV18, "Coal India is one of the picks that I was going to recommend. It is one of the stocks wherein one has clearly got a clean reversal pattern. The stock is expected to move around Rs 330 in the near term. So any rise in case of Coal India to Rs 352 to Rs 354 should be used to go short. We would expect the stock to move to Rs 330 and the stop loss for the trade would be at around Rs 363 to Rs 364." The company touched its 52-week high Rs 406.10 and 52-week low Rs 293.75 on 04 Aug, 2011 and 22 Dec, 2011, respectively. Currently, it is trading -13.94% below its 52-week high and 18.98% above its 52-week low. Market capitalisation stands at Rs 220,756.94 crore. Coal India's trailing 12-month (TTM) EPS was at Rs 0.00 per share. (Mar, 2012). The stock's price-to-earnings (P/E) ratio was 0.00. The latest book value of the company is Rs 43.54 per share. At current value, the price-to-book value of the company was 8.03. The dividend yield of the company was 1.12%. Disclosures: It is possible that we have positions in some of the stocks discussed and we have recommended them to our clients.