Amit Harchekar – chief technical strategist at A PLUS Analytics told CNBC-TV18, "We believe international brent prices have already bottomed out and they are positioned for a good pull back towards a USD 70 in coming weeks. Cairn India has already given a strong breakout from a rounding bottom formation and that transforms into a price target of around Rs 275. Even on daily analysis basis in last 48 trading sessions we are seeing close to 22 white candles and that also gives you a signal that lot of long accumulation is happening at lower levels."
"Keeping a stoploss of Rs 242 one can easily go long on Cairn India for a target of Rs 275 in the coming days," he added.
Disclosure: Analyst has recommended the stock to his clients but has no personal holdings.
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