Don't buy stocks which are hitting new lows: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, shares his views on GVK Power, GMR, Lanco Infra.

GVK Power, GMR, Lanco Infra on the charts?

Well, we are all now waiting for them to go down to zero. I think there are better stocks which will bounce back harder when the market gets into an uptrend and those are clearly FMCG and two wheeler type stocks. You would not be buying stocks which are hitting new lows every day.

These stocks have to build large basis each time you think 30 bucks is about as low as GMR can go it goes down to 20 and shows you it can go lower. So those are not stocks which will create great wealth, you have to be with stocks which are closer to their all time highs which are showing strength.

If you have to buy, although the time to buy has not come yet, we need to wait this thing out and before we try to buy stocks.