Hold Essar Oil, advises Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "For Essar Oil , 2013 has proved to be a disaster. From level of Rs 96, the stock has collapsed to Rs 46 and from last three months, the stock has been consolidating in a narrow range between Rs 49 and Rs 56."

"Even if it breakouts from this range on the upside, I am not expecting much of the upside beyond Rs 62-63. So one needs to hold on with tight stoploss of Rs 54 and below that one should exit."

At 12:13 hrs Essar Oil was quoting at Rs 54.30, up Rs 0.75, or 1.40 percent.

The share touched its 52-week high Rs 96.15 and 52-week low Rs 46.05 on 04 February, 2013 and 06 August, 2013, respectively.

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