GTL Infra on uptrend: CK Narayan

CK Narayan, Growth Avenues Asset Advisors, talks to ET Now on GTL and GTL Infra stocks.

What is your call on GTL Infra and GTL?

The stock has fallen virtually 100%, all that it had tried to gain. You traded right back down to 50 levels which you had seen probably back in maybe 1999 or thereabout.

That is like almost 100% retracement. It is actually beginning the story all over again. Now whether the story will sustain or not, it is going to take far too long. So I do not think anybody is going to really wait that long mainly because of all the baggage of the past.

We can look for a rally because it was deep oversold. I do not think you can get something more oversold than the GTL stocks. Between the two, go for GTL Infra because that is the one where the charts seem to show that there could be some amount of upside.

This will also be helped by the fact that these two stocks are going out of the futures options space. There will be some additional shorts which are getting closed out.

In the short term you will see some movement but I do not think you should really take a long term view on this right now.