As per views of stock market analyst VK Sharma, day traders can purchase Cairn India stock around Rs 241.30 with a stop loss of Rs 234. The target for the day is above Rs 249.

Mr. Sharma also said that the stock pricing becomes more attractive and can reach above Rs 255, if the stock markets remain positive.

The company’s stock, on Thursday (10 Feb), marked its closure at Rs 242.15 on BSE. The total volume of shares traded was 2568406. The share price also touched an intraday high of Rs 244.95 and an intraday low of Rs 229. The stock has seen a 52-week high of Rs 268.5 and a low of Rs 124 on BSE.

On April 8, India's leading construction firm Larsen & Toubro Ltd said that a pipeline, which will transport crude oil from Cairn Energy's Barmer field to Salaya in Gujarat would be ready by December 2009.

Cairn aims to begin production from its Mangala oilfield in the second half of 2009 and the contract for laying the 600-km (370-mile) pipeline to transport crude from the desert state of Rajasthan has been awarded to Larsen & Toubro.

Cairn India, on April 4, announced that it has decided to venture into city gas distribution (CGD) in partnership with GAIL (India). The companies are looking for possible joint venture opportunities in the CGD sector in Gujarat, Andhra Pradesh and Rajasthan.

Cairn India is interested in using part of the production potential from Ambe field for supply of compressed natural gas (CNG) and piped natural as (PNG) in select markets of Gujarat. The newly discovered Ambe field is expected to produce a little over 1 mmscmd natural gas by 2010.

Further Cairn and GAIL may also use a portion of the production from a satellite field of Ravva in the offshore Andhra Pradesh for supply of CNG and PNG in the select markets of the southern State.

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