Cairn India can be purchased with stop loss of Rs.217 for target of Rs222-226.  The stock is looking attractive at current market price.

At National Stock Exchange, Cairn India has touched a 52-week high of Rs.230.00 and a low of Rs.111.00.

The stock has touched an intraday high of Rs.223.00 in today’s trading session.

Cairn India has recently declared a net profit of Rs 23.24 crore for the quarter ended September 2007 as against loss of Rs 71 crore in same quarter of last year.

Being a turnaround story for Cairn, the stock valuations look attractive for long term investors as well. For investors having a time period of 6 – 8 months, the stock can offer decent returns.