SpiceJet must cross 47-48 to bottom out: Ashwani Gujral

I believe you have advised to lighten positions in Educomp on Thursday or Friday, but what do you do with this one now at 456, the other one being SpiceJet?

Ashwani Gujral: SpiceJet is probably going through the Osama effect because Brent and NYMEX have both cooled down. So probably still early to say that there is a trend. SpiceJet will need to cross levels of 47-48 to really bottom out and move further. Educomp is losing a lot of interest now although it seems very volatile but it is volatile within a very small range between 400 and 500 which compared to its earlier avatar is a pretty narrow range. I think a lot of people are getting out of Educomp and it will probably need to sustain 520 for it to bottom out.

A quick chart check on Ceat?

Ashwani Gujral: Well tyre stocks after doing well in the last few days have started now declining and Ceat could easily see another 10%-15% downside from these levels. Clearly whenever margins will be under pressure. You will see the stocks coming down 90 is now the support, if 90 goes then you would probably looking at levels of 65-70.