Go long in Coal India, target Rs 360: Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "I concur with the view that Coal India is not a shorting candidate, we are expecting a small bounce in this counter for couple of days. The stock corrected from Rs 450 to Rs 330 and there were huge short positions which got formed but these short positions have not got rolled over from August series to September series which clearly suggests that the incremental shorts are not happening. However, even in recent fall, short didn't happen and yesterday we saw upside traction from lower levels with good cash based buying, volumes being high than the previous day despite overall market volumes were not that great and in Futures and Options (F&O) segment also we see some buying.""We do not have very aggressive price target, some shorts which are still left. Some fresh speculative buying can take this counter to Rs 360, fix a stoploss around Rs 326 and go long," he said.