Buy PFC on dips: Ashwani Gujral
PFC now it needs to sustain above these Rs 210 kind of levels and then slowly we will see levels of Rs 265-270, obviously you would need the rest of the infrastructure pack also to participate
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| Updated: Ashwani Gujral, Chief Market Strategist, ashwanigujral.com,in a chat with ET Now gives his call on infra stocks
What is next for stocks like PFC and REC which have already run up a fair amount this week?
They have hardly run up 10%-15% but they have fallen more than 50%-60%. Well you need follow through on such news items, just wanting to do something generally does not help but it seems they have hit some strong supports, PFC around Rs 175-180, now it needs to sustain above these Rs 210 kind of levels and then slowly we will see levels of Rs 265-270, obviously you would need the rest of the infrastructure pack also to participate, these are the levels on PFC. Even REC seems to be making some bottom around Rs 180, again here we need to sustain above Rs 207 to Rs 210 and then we will probably move towards levels of Rs 270. I think the stocks are basically trying to bottom out and any kind of whiff off even positive news will make sure that they tend to rally. On any kind of decline I think these are worth a buy because even a pullback rally would lead them to Rs 265-270.
What is next for stocks like PFC and REC which have already run up a fair amount this week?
They have hardly run up 10%-15% but they have fallen more than 50%-60%. Well you need follow through on such news items, just wanting to do something generally does not help but it seems they have hit some strong supports, PFC around Rs 175-180, now it needs to sustain above these Rs 210 kind of levels and then slowly we will see levels of Rs 265-270, obviously you would need the rest of the infrastructure pack also to participate, these are the levels on PFC. Even REC seems to be making some bottom around Rs 180, again here we need to sustain above Rs 207 to Rs 210 and then we will probably move towards levels of Rs 270. I think the stocks are basically trying to bottom out and any kind of whiff off even positive news will make sure that they tend to rally. On any kind of decline I think these are worth a buy because even a pullback rally would lead them to Rs 265-270.
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