Mahindra Satyam has target of Rs 100: Manghnani
Anil Manghnani of Modern Shares & Stock Brokers is of the view that Mahindra Satyam has target of Rs 100.
June 07, 2011 / 11:35 IST
Anil Manghnani of Modern Shares & Stock Brokers is of the view that Mahindra Satyam has target of Rs 100.
Manghnani told CNBC-TV18, "Mahindra Satyam dropped out of the big 4 in 2009 January when they whole scam broke out. Over time, it has moved to Rs 128 from Rs 6 and come back to Rs 54. It has spent a lot of time in this consolidation zone. The stock is a clear cut buy on the monthly charts after a really long time. Even if you are looking at the stock from a longer term perspective, say, 1-2 years down the road, the worst is over, every fall is buyable. I think the stock is headed higher on a medium to long-term. In the short-term, the upside maybe a little limited because the stock has rallied post their results from Rs 73 odd levels to close to Rs 93. The immediate target is about a Rs 100. If it goes there, you would first sell and then try to buy at fall, but from a longer term perspective, the stock has bottomed out."He further added, "From a trading point of view, if you get Rs 84 from this fall and Rs 78 from a bigger one, in that range again you can accumulate the stock and then play for the bounce back to Rs 100-112. All the negative news is out of the way for this stock. The market would expect the next few quarters for the company to continue to show good results and that
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