Lanco Infratech has target of Rs 17-18: Bothra

Kunal Bothra, Sr Technical Analyst, LKP is of the view that, Lanco Infratech (LITL) has target of around Rs 17-18.

Bothra told CNBC-TV18, "LITL is probably showing a mildly higher bottom, but that is not the way the trend actually works. I remember that these stocks are extremely high beta stocks. For example, LITL at current point, the breakout is somewhere around Rs 15.20 levels, so even if we have probably managed to catch the stock at Rs 15 levels or just above Rs 15, there will be ample momentum which one can probably gain in that stock. But probably picking the bottoms in these stocks I would not advise. I would wait for the breakout to happen. The crucial two levels which a short-term trader can watch is 200 DMA which is very close to Rs 14 levels and the other is a minor top which is at Rs 15 levels. So if both these hurdles get cleared for LITL then one can comfortably look for a target of Rs 17-18 on LITL." Disclosure: I do not have any personal holdings in any of the stocks but at LKP we keep recommending these stocks to our clients.