Anil Manghnani of Modern Shares & Stock Brokers advised selling Siemens on every rally. He feels the stock is headed towards Rs 480.
Manghnani told CNBC-TV18, “Siemens has fallen quite a bit from that buyback around Rs 800-900. But now it has completely broken down on the charts. So maybe because it is oversold, it might bounce back a little bit, but I think every rally should be sold into. May be keep Rs 600, the 20-day average as your stoploss, but this stock is eventually headed to Rs 480.”
“I know it sounds a lot for a big stock like Siemens but it has broken through pretty much every support on the chart,” Manghnani added.