Coal India may test Rs 440, says Jai Bala

Jai Bala of 1857 Advisors told CNBC-TV18, "I am still positive on the FMCG space. From a frontline stocks, Asian Paints looking very attractive, but it needs to bottom somewhere close to Rs 740-720. Once it does that, we are looking at something like Rs 900 plus for the stock. But it is very important for us to understand that a trading setup is made up of three components, one is the setup, next is the reversal and trigger, and then you pull the trigger. So, you wait for the stock to bottom around Rs 720-740, if it does not do that, do not do anything about it. Likewise, even Colgate Palmolive is attractive at Rs 2,200."

"Coal India has moved up quite a bit and we still have much more upsides to come through. I think it has been in a very sideways range for several months now. It is trying to breakout of that. We are looking at something like Rs 440 for Coal India," he said.