Hold Coal India, target of Rs 360-370: Aashish Tater

Aashish Tater, Head of Research at Fortunewizard.com told CNBC-TV18, "The actual weakness in Coal India is because of excessive shorting as FPO is expected. That has been the reason that the stock has lost value. We are not taking any view for next six months on the stock because we feel it will languish between Rs 240 on the downside and Rs 270-265 on the upside for maximum. Once that FPO pressure is over and the stock gets accumulated, we have a target of Rs 360-370 on the stock."

He further added, "One can still wait for some time. It is definitely going to be painful for next six months, but it is a definite hold and buy on dips even from longer-term perspective. So this is one stock which should be bought on dips or after FPO is getting over."