Buy Sesa Sterlite on dips: Pritesh Mehta

Nov 29, 2013, 02.14 PM IST

Pritesh Mehta of IIFL recommends buying Sesa Sterlite on dips for a target of Rs 195.

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Buy Sesa Sterlite on dips: Pritesh Mehta

Pritesh Mehta of IIFL recommends buying Sesa Sterlite on dips for a target of Rs 195.

Like this story, share it with millions of investors on M3

Buy Sesa Sterlite on dips: Pritesh Mehta

Pritesh Mehta of IIFL recommends buying Sesa Sterlite on dips for a target of Rs 195.

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Pritesh Mehta of IIFL told CNBC-TV18, " Sesa Sterlite is a classic example of resistance turning into support. In August, the stock had a terrific breakout. After six months of consolidation, it broke out from the levels of Rs 171 and rallied to Rs 209. Thereafter it started declining gradually and again it got back to the earlier breakout period of August. It took support and has started a rally in today's trade. It is up by 3-4 percent in today's trade."

"I am expecting this recovery to continue. We are done with correction and on every decline from current levels, it is going to be a good opportunity to buy. We can buy for a target of Rs 195," he said.

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