TTML a contrarion buy
Sushil Kedia, Head- Institutional Equities, K&A Securities is of the view that TTML has had a lower downside beta. It does not tend to be falling as sharply as Bharti has in the last couple of days. At Rs 47-50 it seems to be a decent contrarion buy and on a jump of next 5-8% again a trading exit can be looked at.
Kedia told CNBC-TV18, “TTML has had a lower downside beta. It does not tend to be falling as sharply as Bharti Airtel has in the last couple of days. But for an investment timeframe buyer, for a speculative timeframe buyer it is not at all a stretched view that after this bounce, which could take Bharti back to even Rs 950-960 area; that cannot be ruled out. But I think one can be patient and one will find opportunities to buy this stock in the Rs 700-720 zone.”
He further added, “The patterns on TTML though having a softer sort of volatility are perhaps providing a situation where you will be getting opportunities to buy this around Rs 47; that is a key fulcrum area on the downside. If that breaks I would not be shocked and this stock can go back to Rs 35 but that looks very unlikely though. At Rs 47-50 it seems to be a decent contrarion buy and on a jump of next 5-8% again a trading exit can be looked at.”
