Sudarshan Sukhani of s2analytics.com feels Mcleod Russel (India) may slip below Rs 300. According to him, the stock is relatively an easy shorting target.
Sukhani told CNBC-TV18, "Mcleod Russel has been in a downtrend for sometime now. We have caught this on the short side earlier also. As the Nifty was making a big move, Mcleod Russel made a very minor rally, which is a bear rally. It was a flag and then day before it broke down from that flag. Clearly, the downtrend is absolutely intact. It should now go below Rs 300 eventually. So, Mcleod Russel is relatively an easy shorting target."
At 09:37 hrs Mcleod Russel (India) was quoting at Rs 311.25, down Rs 2, or 0.64 percent. It has touched an intraday high of Rs 313.90 and an intraday low of Rs 307.10.
The share touched its 52-week high Rs 386.95 and 52-week low Rs 268.00 on 22 February, 2013 and 11 May, 2012, respectively. Currently, it is trading 19.56 percent below its 52-week high and 16.14 percent above its 52-week low. Market capitalisation stands at Rs 3,406.81 crore.
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