Textile stocks likely to remain under pressure: Vijay Bhambwani

Vijay Bhambwani, Author, CEO, BSPLindia.com (Technical Check) in an interview with ET Now talks about textile stocks.

A word on the textile stocks, Alok, Arvind, Gokaldas Exports?

Of all the 3 that you mentioned, Alok Industries seems to be the bottom of the pyramid. The relative strength vis-a-vis the broader markets is poor and if it was to go towards 22-23, a whole lot of flurry of trapped bulls who bought at higher levels are likely to cap the upsides.

Arvind Mills and Gokaldas Exports would currently form a category which is better than Alok Industries, although both these companies would have overhead supply coming in terms of pricing because anything like 5% to 10% upsides in the stock price would again mean that overhead supply would step in.

Net even if there are some news based triggers, there would be a short term blip up but overall, these stocks are likely to remain somewhat under pressure.