Buy Coal India; target of Rs 364: Jitendra Panda

Jitendra Panda of Future Capital is of the view that is of the view that one can buy Coal India with a short term target of Rs 364.

Panda told CNBC-TV18, “In the last two weeks we have been recommending pharmaceutical stocks and banking stocks and today its time to book some profits and hold on for some more with a tailing stop loss. So in the same way we have been recommending now to buy Coal India which is now every much consolidating at lower levels after a fall. So at this level it’s a good buy now and we believe that we have been able to see some long positions build-up. So we are trying to get in as initial mover in and with a stop loss certainly at Rs 345. So Rs 364 is a short-term target we are giving.” He further added, “Trying to see by expiry there should be some long built-up happening and there could be some short covering also expected. So we believe Rs 364 a small nominal target could be achieved on that as a trading short-term for expiry. So we are recommending Coal India as an initial mover of long position.”