For a long term investor (horizon 2 yrs) does it make sense to hold CAIRN INDIA?

i was extremely bullish and foolish (i hope only for a short term) and got a maximum 525 units allocation on Cairn India at ipo price Rs.160. everyone know the story of Cairn listing; it opened 24% lower.. many a times,i hv this impulse to try and average my cost by buying at the prevailing rates fm secondary mkt, but the bottom remains unattained !! since i am against booking losses, now i'm left with two options
1)wait till it really hits the bottom (any takers as to what looks like an ideal price below which Cairn shud find support) and buy to avarage and then sell off at either minimal profits or minimal losses
2)just wait and watch.

solicite comments!

1)

CAIRN IS NO DOUBT A GOOD COMPANY , BUT THE TIME BY WHICH IT WILL EARN PROFITS IS STILL FAR AWAY. If you are with surplus cash and is willing to wait, buy now, when it is quoting around 113 and forget that you have invested in cairn for 3 years.You will definetely get good returns much better than bank interest.
Or if you are not interested in waiting, book loss and invest in some good company which has corrected and is available at cheaper rate.For eg, hindalco, tvs motor etc are battered down and when the markets bounce back they will give good returns.These companies and other IT companies battered down are already earning profits and will bounce back once the market recovers than Cairn's recovery speed.
All depends on how much surplus cash u have and ur willingness to wait.

My Personal opinion is that you should wait and watch....2 years is a good time and the stock will surely bounce back.....cause its a good stock....

otherwise maybe you should ask Udhayan Mukherjee on CNBC TV 18....There is a program called "Your Stocks with Udhayan Mukherjee", or post your querry at www.ndtvprofit.com

you will get better answers there...

You can buy it when everyone forgets. The ideal price to enter will be below 100