Cairn India Limited stock today was a top loser on nifty with almost 7% decline. Decline crude taking stock with it to bottom. The stock is heading towards 52 weeks low of 120 rupees.
From short term view, trend channel suggesting 119-120 levels as a target for this fall. On upside 131 level remain as reversal point.
Stock on the monthly chart shows its strong bearish trend. In last 18 months stock given only 3 positive monthly closing and 15 negative closing. Nevertheless, it is buying and accumulation opportunity for investors. On the upside, one can follow buy on the decline with a minimum 12-month target level of 180 rupees. Technically stock prices on monthly charts are oversold area and indicators are sending early bottoming signals.