Avoid Graphite India: Deepak Mohoni
Graphite India could go either way now after this range bound movement.
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| Deepak Mohoni, Director, trendwatchindia.com, speaks to ET Now about the outlook of Graphite India.
Your thoughts on Graphite India?
It had a good run up till May. If you look at how far it went, it was a 5-bagger from the October 2008 bottom till about 4 months ago. Now since then, it has gone sideways. So it could go either way now after this range bound movement. It could either correct and that would happen if it falls below Rs 90, that is straight down to a 5-6-month low or it could resume its uptrend. It would have to crack about 110 for that. So while in the range, avoid it because the trend could go either way but a breakout would suggest what it does in the longer term.
Your thoughts on Graphite India?
It had a good run up till May. If you look at how far it went, it was a 5-bagger from the October 2008 bottom till about 4 months ago. Now since then, it has gone sideways. So it could go either way now after this range bound movement. It could either correct and that would happen if it falls below Rs 90, that is straight down to a 5-6-month low or it could resume its uptrend. It would have to crack about 110 for that. So while in the range, avoid it because the trend could go either way but a breakout would suggest what it does in the longer term.
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