Punj Lloyd may touch Rs 32-33: Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "Looking at the overall chart structure of Punj Lloyd, Rs 40 looks quite far-fetched target at this point of time. The stock is in a very strong downtrend on the weekly and monthly charts. It doesn’t show signs that there is a bottom in place at least at this point of time on the weekly charts of course. The daily charts look quite okay."

"In the near-term especially in the next three-four weeks, the stock might move towards Rs 32-33 if the market momentum continues. But on the lower side if the stock breaks the current week’s low of Rs 27.80 then I think that one should move out of this particular counter. It is better to get into much better stocks. So one can look at getting into stocks in the IT space but definitely not in Punj Lloyd. I think that Rs 27.80 should be the stoploss," he said.

Disclosure: He may have positions in the stock and have recommended it to his clients.