Grasim and telecom stocks bearish at current levels: Sandeep Wagle

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, www.aptartindia.com in an interview to ET NOW said Bharti and Idea remain the weakest of the whole space.

Grasim on the charts as rosy or it is in the blues?

Well, it is bearish and I would actually have a sell setup at this point of time, possibly with a 2-3% stop loss. Downside I am seeing somewhere around 2320 2330, so roughly 8-10% downside.

We have been talking telecom right now and there is going to be a major dent in the balance sheet of all of these telecom companies and who knows how long it will take for them to breakeven but in terms of the charts, what's the movement looking like for all of these stocks, an Idea Cellular, Bharti, RComm?

We have been bearish on the telecom space for quite sometime and even at this point of time, I do not see any bottoming out formation in any of the patterns. Yes, they are holding is all I can say but I still see lower levels, something like 240 in Bharti, something like a 48 in Idea, and Bharti and Idea remain the weakest of the whole space, so I still do not think this is the time to do bottom fishing, another possibly 10-12%, one can think of that, not at this point of time.