Siemens a defensive stock in this market: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com

Let's run through your stock ideas. You have three sell ideas and a buy. Was this of course given before the Asian markets tanked and would you want to change your buy on Siemens as well?

No, this was actually after seeing the Asian markets tank and that's the reason I pick Siemens because that's a fairly defensive stock in this market, it is not really moving necessarily in line with the market and the declines are small, so we also have to look at another aspect about this market, which is just yesterday the Dow and several European indices entered intermediate uptrends, so half the global markets are quite strong and today Asia has tanked, so we could be having two-way moves that people see the cup as half full or half empty, so if this decline is short-lived, there are going to be stocks that will do well and, therefore, you also need to be looking at some longs but they have to be defensive enough, so given all that, Siemens is reasonably safe bet. It will probably open a little lower, it could be picked out at a time when the markets show some signs of stabilising.