Equity Alert: Sesa Goa extends gains, up 3%; resistance 138 rupees
MUMBAI--12PM--Shares of Sesa Goa gained for the third straight
session,
up 3% at 127 rupees, as traders continued to cover short positions
ahead of
September futures contract expiry Thursday, and on rising commodity
prices,
dealers said.
The stock has gained 22% in the last two sessions. Its September
futures
contract was trading at par to the spot with a 23% fall in the open
interest.
"The stock can go up to 140 rupees as there is short covering in
the
stock," said Gopi Doshi, senior dealer at Khandwala Securities.
Doshi recommends buying the stock if it falls to 100-110 rupees.
"The company is expected to post robust growth in 2008-09 (Apr-
Mar) and
one can go for the stock at current levels as valuations look
attractive,"
said an analyst at a domestic brokerage.
The stock is seen facing resistance in the 132-138 rupees range,
said
Shrikant Chouhan, technical analyst, Kotak Securities. Chouhan advises
profit
booking at these levels.
So far, 1.4 mln Sesa Goa shares have been traded on NSE.
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