Technical Analyst, Ashwani Gujral is of the view that one shouldn’t expect power stocks will get back to new highs this year at least because most are over owned, selling is visible at all higher level.
Gujral told CNBC-TV18, "Most power stocks are sideways and one shouldn’t expect that they will get back to new highs this year at least because most are over owned, selling is visible at all higher level. This year the under owned stuffs will move up; things like pharma, technology to some extent sugar so people need to stay away from last year’s hero; one has seen what happened with JP Associates; it’s not the news, its nothing; its just that so many people have it that its buyer fatigue that’s setting into all of these stocks."
Source: Moneycontrol.com
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