Buy Punj Lloyd at 115 levels: Kunal Saraogi

Kunal Saraogi, Technical Analyst, www.equityrush.com in an interview with ET Now discusses Petronet LNG and Punj Lloyd.

Petronet LNG and Punj Lloyd, how much more pain do you see for that stock now?

Well talking about Petronet first the stock also run up very substantially but the opportunity to buy into Petronet is already gone so you really cannot get into the stock now that its run up so much you must wait for a dip. The dip can take it back to 90 levels so that would be a good entry point technically for Petronet LNG so you needed to wait on that one. Punj Lloyd I have always maintained a sell on the stock for a long time now and the stock has been correcting. My sense is there is more pain here on Punj Lloyd and we might actually see levels closer to 115. Now the stock of course 115 has been a support previously let see whether it can hold this time if it breaks 115 on the downside I think there will be more pain here so 115 is my best bet. I think 115 is where you could actually look to make a contrarian buy in Punj Lloyd.