Steel majors in a pretty good uptrend: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com

What's happening with some of the steel stocks? Kamdhenu Ispat, do you think it is just a day move or we have got something happening out there?

If you start with the majors, they are in a pretty good uptrend and the others would follow suit sooner or later. The ones, which have had a sustained uptrend throughout this bull market and have been doing very well have been Tata Steel, Sesa Goa, Bhushan Steel, SAIL. SAIL of course now will have that overhang of cash raising, fund raising but the Kamdhenus and so on, if you look at them, they are late participants. Their stronger periods have really given them a shot in the arm, so when these kind of stocks start going up, it's actually a little bit of caution even for the market. We have seen that in the previous intermediate uptrend as well as these number of 20% shooters, well this is not 20% but it is getting there, start rising. It is usually the intermediate uptrend that tops out stocks, which are complete sleepers and especially if they are low priced, so you get a Kamdhenu at Rs. 28, that's definitely in the low price category.