Technical Analyst, Ashwani Gujral is of the view that Industrial Finance Corporation of India, IFCI has strong support at Rs 80-85.
Gujral told CNBC-TV18, "Wherever there is some quality in the story people should be with that. Although we look at things technically but still there are things like HMT and ITI, which will probably also bounce a bit but people will need to avoid that definitely around Rs 65-70 if you can get it you can get the rally back to Rs 90-95."
He further added, "IFCI has a strong support around Rs 80-85 if you can get it out there these are good stories but first of all we need to establish whether this market has turned for that the global situations needs to improve. I’m not sure just one day or rather 15 minutes of a rally the bottom has been formed and we start rising from here because you have to understand that we have fallen almost from 6,000 levels right down to 5,400. So 100-150 points of pull back doesn’t really change anything."
Disclosure: Analyst does not hold above stocks.
Source: Moneycontrol.com
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