Allcargo in a slow and steady decline: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com, in a chat with ET Now talks about Allcargo and shipbuliding stocks.

How does Allcargo or some of the shipping or shipbuilding stocks look on the charts?

The shipping stocks are weak. Allcargo has been declining since the middle of 2009. But at the same time, the decline is only about 25% since then. So it is in a slow and steady decline. It is not too bad a thing because stocks are falling rather more rapidly right now but it is not a buy at this stage.

If it shows some bottoming out, then it could be considered. But overall, even that 2009 peak was below the 2006 peak. So it is not really rising very much even over a longer period of time.