Stay away from Ranbaxy
Sajiv Dhawan of JV Capital Services is of the view that one can stay away from Ranbaxy Laboratories. Dhawan told CNBC-TV18, “We stay away from Ranbaxy Laboratories. It is a stock we don’t like. There is too much negative news that comes in it. It gets ban from the United States Food and Drug Administration (USFDA) from time-to-time and it is very difficult to see why this stock would bounce back and sustain at higher levels. It had been a market outperformer until this recent rally last week. It may bounce back again because of some die-hard pharma fans and Ranbaxy investors who will probably latch on to it but even they move up 10-20 per cent, it still takes you back to Rs 200 levels, which is an awful long way up. We want still to stay away from Ranbaxy because of the constant bad news flow.”
Shree Renuka Sugars a safe bet
Technical Analyst, Deepak Mohoni is of the view that if anybody wants to take some sort of a bet on sugar then Shree Renuka Sugars is probably the safest bet. Mohoni told CNBC-TV18, “Axis Bank has looked pretty vulnerable along with a lot of banks during this particular decline. So at the moment it is ignorable until the market starts going up again.” He further added, “Shree Renuka Sugar has been strongest of the sugar stocks, which themselves have not done badly until 3-4 days ago. So, if anybody wants to take some sort of a bet on sugar and I think it is attracting a lot of interest lately, Renuka is probably the safest bet.”
Ignore Tata Steel
Technical Analyst, Deepak Mohoni is of the view that one can ignore Tata Steel at this level. Mohoni told CNBC-TV18, “Tata Steel is too close to its bear market lows to provide a sense of comfort; the trend is not up as yet. So, I would at this stage ignore the stock perhaps wait for a market uptrend and then reconsider. But at the moment, when the market is still not out of the woods, it is best to stay clear of stocks, which are at or about to make new lows.”
Exit Glenmark Pharma around Rs 170
Mitesh Thakkar, Technical Analyst, miteshthacker.com is of the view that one can exit Glenmark Pharma at around Rs 70. Thakkar told CNBC-TV18, “Glenmark Pharma did very well after seeing a heavy sell-off and what we are seeing is probably some kind of a retracement of the decline. There is a price gap between Rs 172 and Rs 178 on the chart, so that could be the target where this rally could halt and from there we can see fresh level of selling coming in. So, somebody is holding along, I would advice exit around Rs 170 levels.”
SBI may slip to Rs 917-625
Mitesh Thakkar, Technical Analyst, miteshthacker.com is of the view that SBI may slip to Rs 917-925. Thakkar told CNBC-TV18, “Banking is the next sector, which could be the cause of next decline in the market. We have seen lot of banking stocks breaking below their critical lows; Punjab National Bank break Rs 380 and then the stock went all the way down to Rs 310. Similarly, yesterday SBI broke a very critical support of Rs 1,020-1,025 on closing basis, which the stock had not done since October. So, there is good enough signal of prices wanting to decline further and Rs 917 to Rs 925 is a first target on this stock.” He further added, “Similarly, we have seen other banking stocks like Axis Bank and ICICI Bank also break their recent lows. I think there is enough downside room in these stocks also and the target is around Rs 260 on Axis Bank and around Rs 270 on ICICI Bank. If the markets were to break below 2,650 and go lower then banks could be the sector, which could decline much more compared to the market.”
Stay away from Punj Lloyd
Sajiv Dhawan of JV Capital Services is of the view that one can stay away from Punj Lloyd. Dhawan told CNBC-TV18, “I would not generally buy in markets; anyway at current levels I think things are quite grim and you will probably see lower prices in various stocks. In Axis Bank people have talked about lot of these banks but private sector banks would be second choice to any PSU bank currently.” He further added, “Punj Lloyd also has had a rough time and again until some stability comes in the economy and some positive news flow starts, I would probably stay away from these stocks. They are trader’s stocks to a large extent also.”
Sajiv Dhawan of JV Capital Services is of the view that one can stay away from Ranbaxy Laboratories. Dhawan told CNBC-TV18, “We stay away from Ranbaxy Laboratories. It is a stock we don’t like. There is too much negative news that comes in it. It gets ban from the United States Food and Drug Administration (USFDA) from time-to-time and it is very difficult to see why this stock would bounce back and sustain at higher levels. It had been a market outperformer until this recent rally last week. It may bounce back again because of some die-hard pharma fans and Ranbaxy investors who will probably latch on to it but even they move up 10-20 per cent, it still takes you back to Rs 200 levels, which is an awful long way up. We want still to stay away from Ranbaxy because of the constant bad news flow.”
Shree Renuka Sugars a safe bet
Technical Analyst, Deepak Mohoni is of the view that if anybody wants to take some sort of a bet on sugar then Shree Renuka Sugars is probably the safest bet. Mohoni told CNBC-TV18, “Axis Bank has looked pretty vulnerable along with a lot of banks during this particular decline. So at the moment it is ignorable until the market starts going up again.” He further added, “Shree Renuka Sugar has been strongest of the sugar stocks, which themselves have not done badly until 3-4 days ago. So, if anybody wants to take some sort of a bet on sugar and I think it is attracting a lot of interest lately, Renuka is probably the safest bet.”
Ignore Tata Steel
Technical Analyst, Deepak Mohoni is of the view that one can ignore Tata Steel at this level. Mohoni told CNBC-TV18, “Tata Steel is too close to its bear market lows to provide a sense of comfort; the trend is not up as yet. So, I would at this stage ignore the stock perhaps wait for a market uptrend and then reconsider. But at the moment, when the market is still not out of the woods, it is best to stay clear of stocks, which are at or about to make new lows.”
Exit Glenmark Pharma around Rs 170
Mitesh Thakkar, Technical Analyst, miteshthacker.com is of the view that one can exit Glenmark Pharma at around Rs 70. Thakkar told CNBC-TV18, “Glenmark Pharma did very well after seeing a heavy sell-off and what we are seeing is probably some kind of a retracement of the decline. There is a price gap between Rs 172 and Rs 178 on the chart, so that could be the target where this rally could halt and from there we can see fresh level of selling coming in. So, somebody is holding along, I would advice exit around Rs 170 levels.”
SBI may slip to Rs 917-625
Mitesh Thakkar, Technical Analyst, miteshthacker.com is of the view that SBI may slip to Rs 917-925. Thakkar told CNBC-TV18, “Banking is the next sector, which could be the cause of next decline in the market. We have seen lot of banking stocks breaking below their critical lows; Punjab National Bank break Rs 380 and then the stock went all the way down to Rs 310. Similarly, yesterday SBI broke a very critical support of Rs 1,020-1,025 on closing basis, which the stock had not done since October. So, there is good enough signal of prices wanting to decline further and Rs 917 to Rs 925 is a first target on this stock.” He further added, “Similarly, we have seen other banking stocks like Axis Bank and ICICI Bank also break their recent lows. I think there is enough downside room in these stocks also and the target is around Rs 260 on Axis Bank and around Rs 270 on ICICI Bank. If the markets were to break below 2,650 and go lower then banks could be the sector, which could decline much more compared to the market.”
Stay away from Punj Lloyd
Sajiv Dhawan of JV Capital Services is of the view that one can stay away from Punj Lloyd. Dhawan told CNBC-TV18, “I would not generally buy in markets; anyway at current levels I think things are quite grim and you will probably see lower prices in various stocks. In Axis Bank people have talked about lot of these banks but private sector banks would be second choice to any PSU bank currently.” He further added, “Punj Lloyd also has had a rough time and again until some stability comes in the economy and some positive news flow starts, I would probably stay away from these stocks. They are trader’s stocks to a large extent also.”
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