Book profit in GAIL India at current level, says Kulkarni

Shardul Kulkarni of Angel Broking is of the view that, one can book profit in GAIL India at current levels and may avoid fresh buying.

Kulkarni told CNBC-TV18, "The day GAIL India was down about 15% from Rs 355 to Rs 330 since that the stock has kept underperforming. It is a clear lower top lower bottom structure and I would rate this move from Rs 300-330 and Rs 325 as basically a bounce in a primary downtrend. So I would not be a buyer in case of GAIL, I would look at booking profits at the current levels. On the upside significant resistance does exist at Rs 330-335 levels." He further added, "Ranbaxy Laboratories has been doing well but overall the chart structure of the stock is a little sideways. So from a portfolio perspective one should be having Ranbaxy in your portfolio if you are trying to beat the market on a percentage basis but the stock is expected to move sideways, the range being Rs 480 on the lower side to around Rs 520 on the upside."