Not a good idea to buy REI Agro for the long-term: Deepak Mohoni

In an exclusive interview with ET Now, Deepak Mohoni, Director, trendwatchindia.com, talks about REI Agro. Excerpts:

REI Agro, technically is it looking worth to buy at a level of Rs 34?

Well, essentially I think overall in terms of buying. It may be not a good idea to buy for the long term just now, perhaps only to switch into some stocks. But Rei Agro specifically has been in a tight range little under Rs 30 and little above Rs 40 for about a year now. So that it has been fluctuating there. It is somewhere in the middle of the range. So not a very clear cut long-term trend. It has, I think, more during the last 2-3 days gone up to a one or two month high. So seems enough to trade if you get it on a dip, but long term investing, I don’t think it has done enough to warrant adding to a portfolio.