Buy Mercator, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "On the charts Mercator is a buying opportunity but I wouldn’t touch it. Because we have to see in the context of where it has fallen from, it has become 30% of what it was. So the best thing is to probably ignore the big move. But if somebody wants to trade it, it is still a buy."
He further added, "Crude itself was a surprise; it was a very big upmove yesterday. But Cairn is now likely to continue moving with crude. I think crude will finally stop; this was probably a relief rally. My final targets for Cairn are still Rs 280-290. So I am a little downbeat on it."
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