Mcleod Russel may touch Rs 296: Abhijit Paul

Abhijit Paul, founder of Alphative Advisors told CNBC-TV18, "Mcleod Russel (India) is one stock which has been struggling for quite some time and an erstwhile underperformer per se. But what I see over the last quarter or so that it is trying its best to form a base and post higher upsides from here on. From a short-term point of view it makes sense for short-term trade."

"The caveat is the fact that Rs 290-296, where the short-term targets are, are a crucial supply range. Once it takes that out on the upside, significant upsides actually come in but this trade is for an upside expectation of Rs 296 and for that the stoploss would be close to Rs 272," he said.