Sep 16, 2013 05:54 PM IST | Source: CNBC-TV18

Hold Sintex Industries, advises Nooresh Merani

Nooresh Merani of AMSEC Research recommends holding Sintex Industries as the stock may bounce back to Rs 30-35.

Nooresh Merani of AMSEC Research told CNBC-TV18, "Sintex Industries has been one of the worst performing stocks. If one looks at the current price it is almost back to levels of 2005-2006 and it is much below the levels of the bottoms in 2008-2009 bear market. Overall the stock is in a major downtrend, but given the fact that it has corrected so much from Rs 90 level back to Rs 20 we can expect the stock to revise from here."

"Given the fact that it is out of derivatives from hereon there could not be any short pressure, so from current levels maybe one could see a bounce back to Rs 30-35 where one can revive whether one can hold on to the stock or not. At current levels it could be a hold," he added.

On September 16, Sintex Industries closed at Rs 23.15, down Rs 0.20, or 0.86 percent.

The share touched its 52-week high Rs 75.60 and 52-week low Rs 16.90 on 12 October, 2012 and 04 September, 2013, respectively. Currently, it is trading 69.38 percent below its 52-week high and 36.98 percent above its 52-week low. Market capitalisation stands at Rs 724.85 crore.

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