Feb 22, 2013 01:02 PM IST | Source: CNBC-TV18

Sell Siemens on every rally, says Manghnani

Anil Manghnani of Modern Shares & Stock Brokers advised selling Siemens on every rally. He feels the stock is headed towards Rs 480.

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.

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