Expect another 8-9% rally in SAIL; target Rs 105: Mohindar

Steel Authority of India (SAIL) is having potential to hit target price of Rs 104-105, so one can buy this scrip, says Rahul Mohindar, Director, viratechindia.com.

Mohindar told CNBC-TV18, "SAIL has corrected today in the Nifty stocks. So that could be bought into. There I see a possibility of another 8-9 percent on the upside. So, I don’t think you have too much of a big downside on that stock. So, Rs 104-105 that’s a potential target I think SAIL can hit." He further added, "If we look at the other Nifty stocks I continue to like Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL). Oil marketing companies (OMCs) is something I have been recommending for a while. I still feel the corrections that you are seeing are really because the last one or two weeks have been spectacular on these stocks. But there is no ruling out another 10-15 percent, can continue to come on the OMC stocks." "The other stock I think within the Nifty which can play a good catch up is ITC. I think the stock has reached a good support, can head to Rs 300-305 over the next month or two."