Buy Cairn India at 396 levels with target of 402: Vijay Bhambwani

In an interview with ET Now, Vijay Bhambwani, Author, CEO, BSPLindia.com shares his views about the intra-day strategy.

ET Now: Which stocks would you suggest in terms of an intraday strategy?

Vijay Bhambwani: I would bet on Cairn India for the simple reason that it is absolutely co-related as far as the stock price is concerned with crude oil prospects. Cairn India is likely to edge higher although the level that I specified in the morning at 396 is somewhat higher. Today the Nifty is likely to come under slight pressure, so anything like 396 as a buy entry would be a perfect pick for Cairn India and the stop loss should be kept at 392. I would like to book profits at 402 preferably intraday itself if the level is achieved or by close of the session, if it is above your purchase cost then I would suggest booking profits because tomorrow is expiry.