According to technical forecaster, Ashwani Gujral the Punj Lloyd can climb upto Rs 390.

Gujral said, “For Punj Lloyd Rs 280-285 is a key resistance, once it can stay above that, then it can easily go up to Rs 390. The important point here is that people are very cautious but the market is not responding with the vigor on the downside”

He further added, "In case no more bad news comes in, we could slowly have this market moving higher and mid caps could lead the charge from here, because they have fallen much less and probably the hedge funds etc. they have much lower exposure to mid caps."

The Punj Lloyd stock can surely touch this level, so the investors should keep their stock in their pockets to earn good returns.

Punj Lloyd is the biggest engineering construction companies supplying integrated design, engineering, procurement, construction and project management services to the energy industry and infrastructure sector projects.

Stretch across the Caspian, the Middle East, Africa, the Asia Pacific and South Asia, the company has numerous branches including those in Kazakhstan and Indonesia, and 12 project and marketing offices, including in the United Kingdom, Libya and Saudi Arabia.