MRF faces resistance at 6300 levels: Rohit Shinde

ET Now spoke to Rohit Shinde, Asst. VP, Technical Research, CD Equisearch Pvt Ltd, on his views on the market.

ET Now: Some stocks have been doing fairly well, likes of Apollo Tyres, MRF, and in fact even smaller ones like JK Tyres. Anyone that you like amongst the lot?

Rohit Shinde: Besides all these there is CEAT. It yesterday made a 12.30% move. It closed approximately 155 levels but more comfort would be with MRF.

Yesterday this stock made around 7.5% move, was 6287, so overall I can see that now it is very close to its resistance, approximately at 6300 levels. If it breaks the resistance then we can easily get an up move up to 6500 levels. So I would advise that if investors have not got into the stock, it is a pretty good stock. The charts are showing a good bounce back, yesterday it had a good volume also, approximately 46000, shares in NSE. So I would feel that MRF is a good buy in this sector.