Above Rs 300, Mcleod Russel may test Rs 335-340: Karande

Abhishek Karande of SBI Cap Securities told CNBC-TV18, "We have quite good conviction on Mcleod Russel (India) because it is sustaining the weekly channel support. The stock has rallied from Rs 280 to almost Rs 300. Once we take out this psychological level of Rs 300 one will see prices going very fast to Rs 335-340. So one can take a minimal stoploss of Rs 287 on daily closing basis."

At 14:57 hrs Mcleod Russel (India) was quoting at Rs 302.65, up Rs 15.20, or 5.29 percent. It has touched an intraday high of Rs 307.45 and an intraday low of Rs 288.95. The share touched its 52-week high Rs 386.95 and 52-week low Rs 240.35 on 22 February, 2013 and 20 August, 2013, respectively. Currently, it is trading 21.79 percent below its 52-week high and 25.92 percent above its 52-week low. Market capitalisation stands at Rs 3,312.68 crore.