Below Rs 322, Coal India may slip to Rs 305: Kulkarni

Below Rs 322, Coal India may slip to Rs 305, says Shardul Kulkarni, Sr Technical Analyst, Angel Broking.

Kulkarni told CNBC-TV18, "There are opportunities on the long as well as on the short side in case of the mid and smallcap counters. I think going forward the market would be extremely stock specific, so if you are looking for shorting opportunities then they do exist in case of the largecap stocks also, so I would look at Coal India; if the stock falls below Rs 322 then you may see it moving lower to around Rs 305 levels. The stoploss for the trade should be placed at around Rs 329. These are cash rates which I am talking about."
He further added, "If you see power stock Lanco Infra, GVK, GMR, Reliance Infra, L&T all these stocks have had one way up moves, so the first dip should ideally never be use to go short, let the market give the first dip, let us see whether the strong hands come back into the market or not but the first dip should never be used to go short. So I would not look at going short in case of Lanco which is down 8% in today