Do not see much momentum in Idea: Sharyans Resources

In a chat with ET Now, CK Narayan, President Treasury, Sharyans Resources, shares his investment ideas.

What is your call on the telecom pack?

I see Bharti having really moved up pretty strongly over the last several days. Overall if you look at telecom stocks, each of them is marching to its own tune. Bharti periodically but very sporadically keeps jumping up and it does so in a flurry, moving up or down for a set of days. Idea jumps with the market and RComm actually beats its own drums and right now RComm has moved ahead the most. But I would ascribe RComm's move to the ADAG pack, which has been moving up. RCap and Reliance Infra have moved up. So, each of them in the telecom space is moving to its own music.

Right now, if you look at them collectively, I see most of them close to the resistance level. I do not think there is too much left whether it is Bharti or RComm. Idea keeps moving with the markets. So, if you are holding along any of these two, be wary of the upside resistances and be proactive about trying to take some money off. I really do not see too much momentum in Idea right now.