Buy Siti Cable at around Rs 30-32: Nooresh Merani

Nooresh Merani of Analyse India told CNBC-TV18, "Siti Cable Network has made a classical cup and handle pattern which we believe generally is an indication of a much bigger move going ahead in the future. After many months of topping out formations around Rs 30-31, the stock has broken out. The volumes has been good over the last two-three weeks and even in that, given the market conditions also the stock has been holding well."

"We are looking towards a target price of Rs 38-40 in the medium-term and buying around Rs 30-32 level with a stoploss at Rs 28," he added.

Disclosure: Analyst would have investment positions in the stock.