Go long in SAIL, resistance at Rs 65-66: Siddharth Bhamre

According to Siddharth Bhamre of Angel Broking, Rs 65-66 is a good resistance for SAIL. He advised going long in the stock with a stoploss around Rs 61.

Bhamre told CNBC-TV18, “We were long in IT and we are still suggesting to be long in TCS and that strategy is panning out well, bull call spread and now long futures too. But beyond that, in IT space we are not very optimistic. From metal space, yes we have seen good amount of short covering in beginning of this series. Now, we are seeing formation of long positions. We have picked up a safer stock over there - SAIL, which according to us has limited downside from current levels. It has very high dividend yields stocks at current levels.”
He further said, “In the last two trading sessions, a huge amount of long formation has taken place but the price action has not been that strong. Case in point, the stock yesterday saw around 10 percent built up in open interest and the price going up by approximately one percent. I think there is still substantial upside from current levels. Rs 65-66 is a good resistance. We are anticipating a breakout. We don’t expect very massive move, but we are expecting a target of Rs 72; so, fix a stop somewhere around Rs 61 and go long here.”