Cairn India has target of Rs 345: Jain

Cairn India has target of Rs 345, says Rajesh Jain, Independent Market Strategist.

Jain told CNBC-TV18, "Cairn India would again be a proxy on hardening crude oil prices. The company has excellent  operations in Rajasthan with upsides from Cambay and East India. The takeover by Vedanta Group and the  subsequent open offer likelihood provide a good downside protection in the stock at current levels. In the event of a  market pullback, I expect the stock to clock Rs 345 on an intraday basis. My long-term target for this stock is Rs 450." The company touched its 52 week high Rs 368.00 and 52 week low Rs 257.45 on 16 Aug, 2010 and 05 Feb, 2010,  respectively. Currently, it is trading -9.57% below its 52-week high and 29.27% above its 52-week low. Market capitalisation stands at Rs 63,147.30 crore.