Nava Bharat in a severe downtrend: Deepak Mohoni
Nava Bharat was doing very well until the end of 2009, early 2010 and since then it has been really in a very persistent decline.
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| Deepak Mohoni, Director, trendwatchindia.com, in a chat with ET Now talks about Nava Bharat.
What is your take on Nava Bharat?
The stock was doing very well until the end of 2009, early 2010 and since then it has been really in a very persistent decline. It is currently just off its two-year low and not very far above it. The two-year low happens to be 217.5, so it is only 2 or 3% above that. So it is in a pretty severe downtrend.
It needs to get out of that first. But if you look at the past history, it has had some pretty good bull runs. So if a bull market is established, we may see a bottom here. But at the moment, it is better to wait for it to bottom out somewhere.
What is your take on Nava Bharat?
The stock was doing very well until the end of 2009, early 2010 and since then it has been really in a very persistent decline. It is currently just off its two-year low and not very far above it. The two-year low happens to be 217.5, so it is only 2 or 3% above that. So it is in a pretty severe downtrend.
It needs to get out of that first. But if you look at the past history, it has had some pretty good bull runs. So if a bull market is established, we may see a bottom here. But at the moment, it is better to wait for it to bottom out somewhere.
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