Sesa Goa under pressure: Deepak Mohoni, trendwatchindia.com

Deepak Mohoni, Director, trendwatchindia.com, in a chat with ET Now talks about Sesa Goa and metal stocks.

What is your view on Sesa Goa in particular and also some of the other metal stocks?

Sesa Goa had this very serious fall in April and May. It came down right from Rs 500 to Rs 300 and it is trying to sort of limp back since then and not very successfully. If you look at the price today, it is again back to a 6-week low and that too in the middle of a market intermediate uptrend. So this stock is still under pressure, it has not yet shaken off whatever supply is coming in and that goes pretty much for a lot of the metal stocks.

Today you have got a few of them holding out but it is just a little bit of a recovery after a bit of a decline. In normal market intermediate uptrends, metals have been good performers. But since the last two, this has not been the case and it somehow seems to also correspond with commodities in question, those are also not rallying with the stock markets of the world. This has been happening now for about a month or two. Before that they were nicely correlated, now they are just staying out of it.