Stock market analyst Hitendra Vasudeo of stockmechanics.com has suggested traders to purchase Cairn India stock in today’s session.

According to him, the stock can be purchased above Rs 296 with a stop loss of Rs 292 to achieve an intraday target of Rs 307.

The stock could easily retest its next intraday target of about Rs 312, if the stock market remains positive.

Shares of the company, on Thursday (May 15), closed at Rs 287.75 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 4789457. The share price also touched a high of Rs 292.45 and Rs 277.25 during the day. The share price has seen a 52-week high of Rs 307.8 and a low of Rs 131.3 on BSE.

The company board on May 07, 2008 approved the allotment of 525,000 shares on exercise of options granted under the Cairn India Senior Management Plan.

Cairn India reported a substantial rise in consolidated net profit for the year ended March 2008. During the year, the profit of the company zoomed 3.01 times to Rs 1,164.31 million from Rs 375.62 million in the last year. The consolidated total income during the year climbed 23.86% to Rs 3,375.97 million, when compared with the prior year.

Moreover, Cairn India-operated Ravva oil and Gas Field, off the coast of Andhra Pradesh, has reached the significant milestone of producing 200 million barrels of oil from the field. The 200 millionth barrel was produced at the weekend from a field that has seen the estimated reserves doubled by the joint venture (JV) partners, Cairn India, ONGC, Videocon and Ravva Oil.

Other stocks from the same sector that looks good for short-term trading includes ONGC, GAIL and Reliance Natura.