Expect Siemens to move above Rs 1080-1090: Mithil Pradhan

Mithil Pradhan of Violet Arc Global Managers is of the view that Siemens may move above Rs 1080-1090.

Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "On the BSE power index 2110-2150 is a level which the bears tried to hammer over the last eight weeks more than 10 times and they could not break it down. Now, because of which a pattern of three bottoms has been created. Technical analysts believe that if it cannot break down a price in three moves or in three separate occasions then possibly the chances that the price will breakout on the upside."

"I feel a double deep pattern has been created in  Siemens ; the risk is very low from here. I am also looking at a target of more than Rs 1080-1090."

"Power index is right now completing the consolidation with momentum oversold. So, I should prefer this particular index."

Disclosure: Analyst has recommended Karnataka Bank to his clients but not Siemens.

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