Buy Sintex Industries, says Pritesh Mehta

Pritesh Mehta - Senior Technical Analyst at IIFL told CNBC-TV18, "We are in an environment where market appears to be rewarding all kind of stocks, which are showing signs of strength. Sintex Industries certainly falls in that category. It had terrific 2014 and thereafter in the month of December, it went through a period of correction. It found support at its 100-day moving average and then began a process of recovery. Thereafter for last four weeks it was in a rangebound trade between Rs 90 to 99. In today’s trade it is showing signs of breaking out. So buy it for a target of Rs 110."

At 15:03 hrs Sintex Industries was quoting at Rs 104.05, up Rs 6.60, or 6.77 percent. It has touched an intraday high of Rs 104.60 and an intraday low of Rs 97.60.