Buy Cairn for target of Rs 258-260: Finquest

MUMBAI: Finquest Securities has advised traders to buy Cairn India for a target of Rs 258-260.

���With the recent fall to Rs 230, Cairn has retraced back almost 61.8% of its rise from Rs 200 to Rs 274. Prices have bounced back strongly from Rs 230 to form a Bullish Engulfing and Piercing pattern indicating a short term reversal.

Further prices are also likely to take support from its 21 day EMA at Rs 236 on any declines. Convergence of Bullish reversal, retracement support and 21 day EMA at Rs 230-235 zone are indicating strong support. One can Buy Cairn for a target of Rs 258-260 with stoploss placed below Rs 228,��� said Finquest Securities report.