Accumulate Varun Shipping: Devang Visaria

ET Now spoke to Devang Visaria, Chief Strategist, devangvisaria.com, on his view on the shipping space.

What about the entire shipping space?

Yes, Shipping, actually we were long but have managed to exit at around Rs 185-Rs 190 and stock has since then rallied very smartly for the Rs 200 kind of levels. I think the whole shipping space is looking very strong. In fact for today’s trading pick we have come out with one shipping stock that is Varun Shipping. It is a small cap or a midcap stock and you are getting it at a very strong supports of 42 to 43 kind of range. We are looking for targets of 55 to 60 with 3 or 4 week kind of time horizon and you could trade or accumulate this one with the stop loss below 37.

For GE Shipping at around Rs 340-Rs 345 if it were to get pass those range that range you see a target of Rs 380-385.