Sell Voltamp for now: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, in a chat with ET Now, gives his views on transformer stocks.

Some of the transformer stocks, Voltamp Transformers, Transformers & Rectifiers, Indotech Transformers, anyone of those charts that you are tracking?

Voltamp fell from 1100 to about 500, now it is going through a bit of a pullback rally. It remains in a downtrend as long as it remains below 700. It had a large move day before. Yesterday was some kind of correction and today it is continuing but given the state of the market if you got in at 500, you probably should take money off here because these stocks are likely to come back down as sharply because mid caps, the volume tends to dry up as the market goes lower and these stocks tend to fall also as sharply whenever there is pressure.