Buy Strelite Industries For Price Target Of Rs. 130-132

Sterlite Industries is closer to support areas of about 110. The stock made a low of about 112 yesterday and today the low was about 116. If this stock manages to get pass levels of 120, I would not only buy it for a short term level but would expect the bounce back to then continue to about 130-132.

Let us not forget that most of the stocks had run up and had gone far away from their short term averages. While the two-three days have seen the stocks lose a lot of price value but on technical charts it is just a pullback to the short to medium term averages.

So, I would recommend you go buying into Sterlite once it trades above 120 and look for targets in the range of about 130-132 which is the 200 day average.