10-15% fall expected in telecom space: Mohindar

Rahul Mohindar of Viratechindia is of the view that 10-15% fall is expected in telecom space.

Mohindar told CNBC-TV18, "I think key support broke in Reliance Communication. We saw a new 2008 low breaking in and I think telecom space has not been hammered all that well as yet. So possibly people are just going to look at those stocks which have not yet fallen or which have the potential of falling and the fact that they have broken good support, so may be a 10-15% down slide could come in there, so if I had to hand pick one that is the one I would pick at."

He further added, "But I think across the board I would say that if you are short stay short getting in aggressively at this level and trying to short the market wouldn’t be a very good idea. Let’s not forget that we have seen five straight days where we have seen considerably big falls, you always have a sixth or a seventh day, which would come with a low which just zooms up all the way. So keep that in mind that you could get a sudden recovery mode coming back in the next 1-2 trading sessions, I would expect that and I would keep that in mind if I was a trader."

Disclosure: It is safe to assume that analyst & his clients may have an investment interest in the stocks/sectors discussed.