Positive on Cairn India: CK Narayan
Cairn has been one of those consistently bullish stocks in the market making new highs every time when the rest of the market was actually falling apart a bit in the last few months.
By 
| Updated:
| Updated: ET Now spoke to CK Narayan, President Treasury, Sharyans Resources, on Cairn India.
What is the call on Cairn India?
Cairn has been one of those consistently bullish stocks in the market making new highs every time when the rest of the market was actually falling apart a bit in the last few months. So from chart perspective, it is clearly the stock which one should have been long based on the patterns. It was no secret that the stock would make it towards the offer price, you are seeing some amount of rally. Today’s movement is a case like buy the rumours, sell on the news type thing but overall, Cairn’s strand is very clearly bullish. Whether this offer will hold it up for a while, maybe yes but anything on the lower side, 335-340 is a place to buy for medium term players for shorter term players like day trader or maybe end of day traders, they should look for support zones somewhere around 347 levels. If it were to break, then they can look to buy around 335 to 340 but the stock remains on the buy list and there is lots more to come on the upside for this stock. It is a slow mover no doubt but it is a very steady up mover.
What is the call on Cairn India?
Cairn has been one of those consistently bullish stocks in the market making new highs every time when the rest of the market was actually falling apart a bit in the last few months. So from chart perspective, it is clearly the stock which one should have been long based on the patterns. It was no secret that the stock would make it towards the offer price, you are seeing some amount of rally. Today’s movement is a case like buy the rumours, sell on the news type thing but overall, Cairn’s strand is very clearly bullish. Whether this offer will hold it up for a while, maybe yes but anything on the lower side, 335-340 is a place to buy for medium term players for shorter term players like day trader or maybe end of day traders, they should look for support zones somewhere around 347 levels. If it were to break, then they can look to buy around 335 to 340 but the stock remains on the buy list and there is lots more to come on the upside for this stock. It is a slow mover no doubt but it is a very steady up mover.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
