Abhijit Paul of Alphative Advisors told CNBC-TV18, "I am looking at Cairn India from a medium to long-term point of view. The stock has been in a steady uptrend for quite some time keeping in mind that the Nifty over the last nine weeks have had quite a sharp selloff. During that time the stock actually was inching up and thus managed to move into an uptrend across all timeframes and holding fairly well. Current levels is where in terms of risk reward it makes sense to go into a short-term long trade."
"I sense it has potential to inch further up close to Rs 350 from a short-term point of view. One needs to probably use the stoploss close to Rs 300-305 mark," he adds. At 13:35 hrs Cairn India was quoting at Rs 319.75, down Rs 0.60, or 0.19 percent. It has touched an intraday high of Rs 323 and an intraday low of Rs 319. The share touched its 52-week high Rs 354.75 and 52-week low Rs 267.90 on 24 September, 2012 and 28 March, 2013, respectively. Currently, it is trading 9.87 percent below its 52-week high and 19.35 percent above its 52-week low. Market capitalisation stands at Rs 61,083.18 crore. Also Read: Govt to give insurance to refiners processing Iranian crudeDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
