Stay away from Punj Lloyd: Mithil Pradhan

In a chat with ET Now, Mithil Pradhan, market analyst, talks about the outlook of Punj Lloyd.

Punj Lloyd has come out with its results and hasn't got good reaction from the market. How does it look to you on the charts? Is it a classic sell opportunity right now?

The sell opportunity has already passed if you had asked me about 3 or 4 days ago. It was again making a transition, it was giving signal to sell this stock short. I am not looking and doing value picking here because I don't think the markets have bottomed out even in the short-term run. I feel that markets will correct again another 2-3% from the current levels. Given this overall situation, I would not like to go for this kind of a stock which is correcting in a quite a steady market which is what we are today. I would say avoid the stock but I don't have a downside target on the stock right away.