Buy Cairn India; stop loss at 335: Shardul Kulkarni
"If you see the charts, then today itself you have seen that the stock tested the 200-day moving average and that has given you a classic reversal pattern which is called the bullish engulfing pattern."
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| Updated: Shardul Kulkarni, Sr. Technical Analyst, Angel Broking in an interview with ET Now talks about Cairn India.
What is the call on Cairn India?
If you see the charts, then today itself you have seen that the stock tested the 200-day moving average and that has given you a classic reversal pattern which is called the bullish engulfing pattern which is at a very good place. So the reversal has taken place and every dip should be used to go long in this particular stock. 335 should be your stop loss on the lower side. I would expect the stock price to test around 355 to 360 levels in the next probably around 8 to 10 sessions.
What is the call on Cairn India?
If you see the charts, then today itself you have seen that the stock tested the 200-day moving average and that has given you a classic reversal pattern which is called the bullish engulfing pattern which is at a very good place. So the reversal has taken place and every dip should be used to go long in this particular stock. 335 should be your stop loss on the lower side. I would expect the stock price to test around 355 to 360 levels in the next probably around 8 to 10 sessions.
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