Buy Coal India at Rs 310: LKP

Buy Coal India at Rs 310, says Kunal Bothra, LKP.

Bothra told CNBC-TV18, "Bharti Airtel has been surprisingly weak in the last 4-5 days but it all matters where it takes the next support. Rs 320 looks to be a previous test of the bottom just a couple of weeks back. But the performance of the stock, its history says that it might break that Rs 320 level, come to that Rs 315-310 levels also but what's important is the kind of reversal where it happens and if it happens at Rs 310 or at Rs 320 and from there the target becomes Rs 340-350 on Bharti. So I would wait on some sort of bottom happening below that Rs 320 level only then I would take a contra bet on this stock."
He further added, "Coal India has been very good, it's just retracing the last 3-4 days of the sharp move which we have seen from Rs 298-330 levels. It will stay subdued for a couple of days more; test Rs 310 but at Rs 310 it is again a very good risk reward buy for a target of Rs 330 and above."