Be cautious with polyester stocks: Sandeep Wagle
I would not buy it here because the way these stocks move up, they can come down also.
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| Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, www.aptartindia.com
If I have to decide between Polyplex, Uflex, Jindal Poly or is there enough momentum left in this whole poly group that you can still go ahead, buy a little bit?
Sandeep Wagle: Polyplex and Jindal Poly are showing a very similar pattern but if you talk of the whole space, I am not very clear and how much momentum is left is anybody's guess. I would not buy it here because the risk to reward would not make sense, the way these stocks move up, they can come down also. Though as of now, there is still some more upside but if you are trying to play for that little more upside, one can get that. So I can just advise a note of caution at these levels.
On the technical chart, please tell us what your picks are?
Sandeep Wagle: We have a buy in Aarti Industries, we have a buy in Apollo Tyres, we have a buy in Bata and we have a buy in BEML and we have a buy in Marg which has been a weekly buy. Last week we had recommended this stock at around 200-205, it is already 10% up. We feel that 240 will come in the next 4 to 5 days.
If I have to decide between Polyplex, Uflex, Jindal Poly or is there enough momentum left in this whole poly group that you can still go ahead, buy a little bit?
Sandeep Wagle: Polyplex and Jindal Poly are showing a very similar pattern but if you talk of the whole space, I am not very clear and how much momentum is left is anybody's guess. I would not buy it here because the risk to reward would not make sense, the way these stocks move up, they can come down also. Though as of now, there is still some more upside but if you are trying to play for that little more upside, one can get that. So I can just advise a note of caution at these levels.
On the technical chart, please tell us what your picks are?
Sandeep Wagle: We have a buy in Aarti Industries, we have a buy in Apollo Tyres, we have a buy in Bata and we have a buy in BEML and we have a buy in Marg which has been a weekly buy. Last week we had recommended this stock at around 200-205, it is already 10% up. We feel that 240 will come in the next 4 to 5 days.
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