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Aban Offshore has resistance at Rs1000-1050: Bhambwani

This article was posted on Jul 14, 2009 and is filed under Stock Views

Technical Analyst, Vijay Bhambwani is of the view that Aban Offshore has resistance at Rs 1000-1050.

Bhambwani told CNBC-TV18, “Aban Offshore is one company which is basically likely to bounce around from possibly its 30 days simple moving average and the downsides from here are possibly likely to be limited maybe Rs 60-70 and I would start recommending a buy, resistance would come at Rs 1000-1050 levels where you could expect some profit taking.”

He further added, “Bajaj Hindustan ditto I think. As long as sugar prices in the commodity market remain firm sugar stocks are likely to remain outperformers. In terms of relative out performance and relative comparison I think Balrampur Chini would make a little more sense as compared to Bajaj Hindustan though.”

source: Moneycontrol

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