Mercator Lines has target of Rs 64.50: Anu Jain

Mercator Lines has target of Rs 64.50, says Anu Jain, VP, IIFL Private Wealth Management.

Jain told CNBC-TV18, "Mercator Lines is a short-term pick. We saw shipping except for Great Eastern yesterday which was relatively weak I think Mercator Lines and the other smaller shipping counters were looking smart. So this is with a stop loss of Rs 58, the counter will have a first target of about Rs 64-64.50, beyond Rs 64 actually this counter will get far more stronger than what it is today and that is when the actual move would play out. I would think that for the short-term obviously today may be opens around Rs 58 because it is a very high beta and highly volatile counter but you can accumulate it on dips as well. But at least for the current trend which it showed yesterday the stoploss is Rs 58 and the target is Rs 64.50.”