Leela Venture can fall to Rs 29: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, gives his views on stocks. Excerpts:

ET Now: What is the call on Hotel Leela Ventures?

Mitesh Thacker: It has gone into a downtrend. The earlier lows, which is the December lows of about 29, could be retested over here. The stock which gave a breakout in the month of February has clearly failed that and after breaking below 35, the downtrend has got clearly aggravated.

29 is what I would look for the stock to hit, which is the earlier low. You might see some short covering as well as some stability being formed.