Book profits in SpiceJet: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that one can book profits in SpiceJet even at Rs 2 higher from the present levels.

Bhambwani told CNBC-TV18, "If at all SpiceJet chooses to go up then it should exhaust itself by Rs 38-40 band and that is not a good thing to do because you are buying the stock with a downward potential, which is significantly higher than the higher upward headroom. This is one of those momentum decisions that an investor or a trader takes. I think one should start booking profits even Rs 2 higher from the present levels. I don’t think the stock merits attention or investment."

Disclosure: Analyst has personal holding in TCS and Spice Comm.