Buy Sadbhav Engineering on dips: CK Narayan

In a chat with ET Now, CK Narayan, President Treasury, Sharyans Resources, talks about Sadbhav Engineering.

Sadbhav Engineering on the charts?

It is actually an interesting chart considering that most of the stocks from the reality or construction space have been so much beaten down. Sadbhav has been kind of an exception to this. You may attribute it to any reason but from a chart perspective, those are largely irrelevant. It is interesting because it actually went and made its all time high in sometime around October of last year which is a complete contrast to so many other stocks which are even today at the bottoms. From there of course we have seen the prices peel back along with the rest of the market. It has a very decent support in the region of about 92 to 95. So any dips like with any other stock and in line with the views that I have been expressing, I do not want to chase any stock in this market. I would rather wait for them to come back to their levels where I would want to trade them and for Sadbhav that would be somewhere around the 95 or let’s say slightly sub-100 region where if I were to venture with a buy, the odds would be with me and given the kind of chart pattern that it is showing, it is one of the few real estate or construction area stocks that I would actually consider buying.