The buy range for Triveni is 113-109: Anil Manghnani

Anil Manghnani, eqwise.in, Director, Modern Shares and Stockbrokers Limited

Triveni is a buy. Is it a contrarian play that you are playing today as also Castrol which is probably not the most liquid of names so why do you like it, both of these?

Two different ideas. Triveni is just more of a very short trading idea that’s why the buy range is only 4 bucks between 113 and 109. It is just the major retracement, I think the stock rallied all the way from close to 90 up to 134 so 109 is a major retracement in that 4 rupee range with the stop let say at 108 and just a pullback 119-122.

Castrol is the more interesting one. It’s a little defensive also, it surprisingly fall under the oil and gas index so surprisingly its outperformed the index by a mild. Its made a new high at 724. I just felt that since it has corrected after making a new high it is coming to a good support level between 645-640. A little deeper range between 645 to 620 and at least a pullback back to 675-690 sort of levels.