ABG Shipyard is not a defensive: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com in an interview with ET Now talks about shipping stocks.

On the charts an Essar Shipping ports or a Pipavav Shipyard, ABG Shipyard you like anything?

The ABG Shipyard I was looking that’s running sideways now for several months so nothing much really happening here when all that takeover news was going on these stocks were jumping about quite a bit.

I think they are now going through a relatively quite phase so they tend to look good when the market is doing poorly but nothing really happening here and I wouldn’t really classify these as defensives even though they are flat because if you look at the very long term trend 2-3 years back all these stocks also were at much higher level so I would use that as a barometer if a stock is below its 2008 high its basically implying in some way that the company is not doing as well as it once did so that’s not an excellent trend going ahead.