Infra stocks show strong downtrend: Shardul Kulkarni

In a chat with ET Now, Shardul Kulkarni, Sr Technical Analyst, Angel Broking, spoke on Patel Engineering, ENIL, LIC Housing Finance.

Patel Engineering, ENIL, LIC Housing Finance how the charts looking there?

Patel Engineering again similar to most of the other infra stocks. I will say that this stock also shows you a downward. Engineering stocks in this particular counter I would say that it is a strong downtrend any move up to 360 will attract more selling pressure. Only and only if the stock manages to go above the levels of 400 then yes you might see the positive trend to resume but as of now you will see that stock has moved into a strong lower top lower bottom cycle. In fact for many counters you will see this phenomenon of lower top lower bottom so unless and until you are fundamentally convinced and you are willing to take probably a 3 or a 5 year view I do not think it make sense to enter into these particular stocks specifically for those which have lower top lower bottom cycles as discussed earlier.