UCAL Fuel could be good bet in short term: Rahul Mohinder

Rahul Mohinder, Technical Analyst at viratechindia.com feels UCAL Fuel could be a good bet in the short term. He advised buying the stock with a target of Rs 86-87.

Rahul Mohinder told CNBC-TV18, "I would like to buy UCAL Fuel. We have seen the stock for the past 3-4 months oscillate between the levels of Rs 60-78 on the upside. But I think last week's price and volume movement suggests a breakout." "Now we are at Rs 80 and maintaining above that big range that we have formed. So I think that we are breaking out of a strong accumulation zone. We have done this with phenomenally good volumes over last week and I think the stock is poised to give us at least 8-10% in the week coming forward. So I reckon buying at Rs 80 with a target of Rs 86-87 over the next 3-4 days and with a stoploss around Rs 77 level could be a good bet in the short term," he said.