Trend for Nagarjuna Construction is still down: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com in an interview with ET Now talks about Nagarjuna Construction.

The likes of an IVRCL, a Punj Lloyd, a Nagarjuna Construction, do you think more downside for these?

There is a little bit of buying in the last one hour in Nagarjuna in particular but it does not sustain, so it seems to be just from that little one hour of activity. People would see its construction as some day going to wake up and do well, are beginning to feel that may be these are quite low levels and there is a little bit of bottom fishing there but apart from that little nibbles, the trend has certainly not changed, it is very much down.

Sadbhav actually has been one of the slightly better performers in the sense that it at least was able to reach its 2008 high. Since then it has fallen 40%, so it has kind of got into as bad a decline as all the others but the sector has still to show signs of bottoming out, absolutely no signs of that happening yet.