Great Offshore may rally to Rs 135-140 levels: Agarwal

Great Offshore has a very good chart at the current level. The stock is expected to rally to Rs 135-140 levels, says Shubham Agarwal of Motilal Oswal.

Agarwal told CNBC-TV18, "Some of the stocks on the shipping space we can see that some outperformance is coming there. Even on the long-term chart we have seen that there is a very good bottom formation, a base formation has happened which is leading to a rounding bottom formation in most of the shipping stocks." He further added, "Great Offshore is really a very good chart at the current level. Even Mercator is something which is looking lucrative. But we are actually looking ahead for taking a bet on Great Offshore with a medium term perspective. We feel that the stock can achieve around Rs 135-140 which was the earlier high on the stock and that would actually lead for the long-term pattern to even strengthen. Stop loss for the trade can be kept at Rs 104 so there is a decent risk reward even at the current scenario if we see in the shipping stocks from the midcap space."