Buy Oil India Ltd., target Rs 400: Tejal Shah

Tejal Shah of Edelweiss Financial Services has a buy call on Oil India Ltd. with a target price of Rs 400. The current market price of Oil India Ltd. is Rs 373.3. Time period given by analyst is Intra Day, when Oil India Ltd. price can reach defined target. Tejal Shah recommended to keep stop loss at Rs 355. The stock has hit a high of Rs 374.70 and low of Rs 369.50 so far in trade. The scrip has been moving above most of its crucial moving averages. Of late, it has taken support from its 20-day moving average placed at Rs 362.53 level. The stock is trading at a P/E of 9.63 and a price-to-book value of 1.04.