Bearish on ADAG group stocks: Mitesh Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com, in a chat with ET Now, gives his stock recommendation


What do you think about ADAG Group of stocks? Would you completely ignore the short covering we saw yesterday because there was not any genuine buying kicking in?

I would agree to that statement. I found some kind of lack of conviction in the bounce back yesterday while we saw the stocks bounce back but let us not forget the stocks have been falling for last four-five days and they have fallen severely. They were slightly oversold on intraday charts. There was a minor hint of positive news flow at least you can say that we sentimentally held those stocks but otherwise the chart patterns, the technical trends are very clearly firmly established on the downside. I would not look to buy into those I would probably want to sell into most of the ADAG group stocks.