Sterlite may slip to Rs 94: Rikesh Parikh

Rikesh Parikh, Motilal Oswal Financial Services is of the view that Sterlite Industries may slip to Rs 94 below that it may go to Rs 88-89.

Parikh told CNBC-TV18, “Sterlite is into sideways and it is showing signs of weakening over here. The stock is trading at around Rs 98.5, keeping a stop loss of Rs 101 probably we can see lower levels around Rs 94 initially. But if it breaks the level then it can go back to the previous low which it made at around Rs 88-89 levels. The stocks are not showing any strength in the metal sector over there.” He further added, “L&T Finance Holding is still showing some amount of strength but it will be difficult to trade out. One can remain long over there. Just from a trading point of view if someone is looking at it over there one can keep a stop near to Rs 80 for the stock. Aurobindo Pharma has given a decent run up so probably at this level it will be slightly dangerous. Some short covering has taken place over here but keeping today’s lows at Rs 170 level one should be keeping a strict stop loss in this stock.”