Buy Sterlite Industries around Rs 88: Bhamre

Buy Sterlite Industries around Rs 88, says Siddharth Bhamre of Angel Broking.

Bhamre told CNBC-TV18, "Sterlite Industries is a short-term trade for two-three days, not beyond that. The stock has been correcting from more than Rs 100 levels. We have seen lot of shorting happening over there. The stock has good support around Rs 88. We are expecting some short covering rally in the counter, so a contra trade can be initiated, buy around Rs 88, fix a stoploss of Rs 86 and we are expecting a - not a major bounce but probably short covering can take it to Rs 95-96 odd levels. So that is a trade in Sterlite."
He further added, "I won’t be optimistic to buy in Ambuja Cement and ACC. In fact I would utilize any bounce back over there to short just the way I would do it for banking or infra names."