Book profits in United Spirits near Rs 2,400: Kulkarni

Jul 01, 2013, 06.24 PM IST

Shardul Kulkarni of Angel Broking says one may book profits in United Spirits at around Rs 2,400-2,420.

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Shardul Kulkarni of Angel Broking says one may book profits in United Spirits at around Rs 2,400-2,420.

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Book profits in United Spirits near Rs 2,400: Kulkarni

Shardul Kulkarni of Angel Broking says one may book profits in United Spirits at around Rs 2,400-2,420.

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Shardul Kulkarni of Angel Broking told CNBC-TV18, " United Spirits gave a head and shoulder breakdown near the level of Rs 2,300 then went right upto Rs 2,000 and then it bounced back. The stock will now move sideways. If one sees the weekly chart structure the stock shows indications of consolidation."

"Around Rs 2,150-Rs 2,160 on the lower side to Rs 2,400 to Rs 2,420 on the higher side it is a 10 percent range, but considering the volatility in which the stock moves six to seven percent on a day is not surprising in case of United Spirits," he added.

Kulkarni further said, "On the upside Rs 2,400-2,420 is an important resistance. If by chance traders are long in this particular counter it is good time to book profits near Rs 2,400-2,420 levels."

The share touched its 52-week high Rs 2,605.00 and 52-week low Rs 681.00 on 27 May, 2013 and 28 June, 2012, respectively. Currently, it is trading 5.55 percent below its 52-week high and 261.28 percent above its 52-week low. Market capitalisation stands at Rs 35,755.71 crore.

Also Read: United Spirits soars 6% as Morgan Stanley raises stake

Harmonis Hubungan