GMR has been a real disappointment for the market: Anil Manghnani
ET Now caught up with Anil Manghnani to get his views on GMR and Lanco.
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| ET Now caught up with Anil Manghnani, Director, Modern Shares and Stockbrokers Limited, to get his views on GMR and Lanco.
What do you have to say about GMR and Lanco on the charts?
GMR has been a real disappointment for the market. When it touched the 70-75 range a couple of times, it did suggest that it wanted to play catch-up and give a breakout but it turned out to be a false breakout and the stop was clearly around the 67-66 levels. But now, it is on a freefall.
In the infrastructure play, there are two things playing out. One is clearly a lot of them have run up and positions are huge. So, they are seeing unwinding and then there is the other side which is the Hyderabad-based infrastructure companies with the whole political situation that have run out of flavour.
So, GMR falls in the second category. From a level, it has clearly broken down. If you are just looking at a technical support, it is at Rs 49, but it is not a stock that you would be comfortable, maybe the bounce will be more shallow and the falls will be little more deep.
What do you have to say about GMR and Lanco on the charts?
GMR has been a real disappointment for the market. When it touched the 70-75 range a couple of times, it did suggest that it wanted to play catch-up and give a breakout but it turned out to be a false breakout and the stop was clearly around the 67-66 levels. But now, it is on a freefall.
In the infrastructure play, there are two things playing out. One is clearly a lot of them have run up and positions are huge. So, they are seeing unwinding and then there is the other side which is the Hyderabad-based infrastructure companies with the whole political situation that have run out of flavour.
So, GMR falls in the second category. From a level, it has clearly broken down. If you are just looking at a technical support, it is at Rs 49, but it is not a stock that you would be comfortable, maybe the bounce will be more shallow and the falls will be little more deep.
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