Buy Coal India at around Rs 245-250, advises Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "Coal India is in a sharp correction since the month of June and thereafter in August we had a period of sideways consolidation between Rs 245-273. Right now the stock is trading at the lower end of this trading band which is a good opportunity to cut into the stock. So around Rs 245-250, we can buy the stock for a target of Rs 280 and maintain a stop loss above Rs 238."

At 12:07 hrs Coal India was quoting at Rs 253.80, up Rs 3.30, or 1.32 percent. It has touched an intraday high of Rs 258.75 and an intraday low of Rs 252.30. The share touched its 52-week high Rs 386.00 and 52-week low Rs 238.35 on 17 September, 2012 and 30 August, 2013, respectively. Currently, it is trading 34.25 percent below its 52-week high and 6.48 percent above its 52-week low. Market capitalisation stands at Rs 160,309.33 crore.