Go long on Cairn India around Rs 300: SP Tulsian

SP Tulsian, sptulsian.com advises traders to go long on Cairn India around Rs 300.

Tulsian told CNBC-TV18, “Cairn India, there is a cause of concern because their Bhagyam field will be saying and now the production schedule has to be revised downwards. They have the problem in reservoir and if you see the crude price behavior also they have all been ruling steady and now the market talks are that probably the crude prices must soften going forward maybe by about 5-10 percent.”
He further added, “All these things are having a negative impact on the Cairn and that can make the share to correct by about 3-4 percent further. Rs 300 seem to be the support level for the stock, but yes if stocks come to around those levels Rs 300-302 then one can create long positions in the January series on the stock.”
"Jaiprakash Associates, I am keeping my positive stance. If you recall couple of weeks back Manoj Gaur has categorically said that he is expecting the deal of Gujarat Cement plant of 4.8 million tonne likely to happen in this calendar year. So I am not ruling that out and suppose if that news flow comes in you can see the share moving back to Rs 105-108. Now whether that comes in this series or that gets spilled over in the January series because we have the expiry on Thursday, but on a one month horizon I am keeping a positive view on the stock."