Cairn India can touch Rs 390: Monal Desai

Cairn India can touch Rs 390, says Monal Desai, VP Head Institutions Derivatives, Prabhudas Lilladher.

Desai told CNBC-TV18, "We have been recommending Cairn India right from the Rs 340-342 level but Rs 370 is what our target was. But looking at the strong upmove, looking at how Brent is moving up there is some more upside and Rs 390 could be there on the cards."
He further added, "Very strong buying and very strong momentum is definitely seen on Cairn. It will be more of buy onto dips or maybe buy into the correction. Rs 360-362 would be another support area wherein you could look into buying that stock for the next upmove."
"Yesterday Reliance again intraday it corrected to around Rs 825 saw some short built up, then the shorts got covered and some longs seem to have built up over there. So Reliance looks to head towards its Rs 870 over there. So in this correction probably what will happen is the banks might just react marginally but Reliance would hold off and change the rally beyond 5430."