Buy Sterlite in the range of 174-176: Shardul Kulkarni
"In case of Sterlite basically what we are seeing is that momentum is expected to continue in metal counters, so Sterlite definitely offers you good opportunities going forward."
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| Shardul Kulkarni, Sr. Technical Analyst, Angel Broking in an interview with ET Now talks about Sterlite.
You have got a buy on Sterlite. What’s the target and the stop loss that you are recommending?
In case of Sterlite basically what we are seeing is that momentum is expected to continue in metal counters, so Sterlite definitely offers you good opportunities going forward, so we expect that Sterlite should be going up probably around 8-10%.
The target on the upside that we are recommending in case of Sterlite comes to around 185-186 in the near term, so I would say that the stop loss should be placed at the levels of 172 and buying should be done in the range of around 174-176, so that is the first pick.
The reason behind this is that you see that the US dollar index has an inverse correlation with metal counters, so US dollar index moving down essentially means that the metal stocks are expected to move up, only thing is that you need to time them very carefully.
You have got a buy on Sterlite. What’s the target and the stop loss that you are recommending?
In case of Sterlite basically what we are seeing is that momentum is expected to continue in metal counters, so Sterlite definitely offers you good opportunities going forward, so we expect that Sterlite should be going up probably around 8-10%.
The target on the upside that we are recommending in case of Sterlite comes to around 185-186 in the near term, so I would say that the stop loss should be placed at the levels of 172 and buying should be done in the range of around 174-176, so that is the first pick.
The reason behind this is that you see that the US dollar index has an inverse correlation with metal counters, so US dollar index moving down essentially means that the metal stocks are expected to move up, only thing is that you need to time them very carefully.
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