Good buying support in engg, tech & auto: IL&FS Investmart

Excerpts from Midcap Radar on CNBC-TV18 Watch the full show » RELATED NEWS Correction could set in at these levels: IL&FS Investsmart E*Trade increases ownership stake in IL&FS Investsmart IL&FS Invest slips on profit booking ALSO READ See what other experts are saying about markets See what FIIs are saying about the markets See what Udayan Mukherjee is saying about the markets Praj Industries BSE | NSE 10/02/12 Are Mutual Funds betting on Praj Industries? Other Stocks in this news Titan Industries | ILandFS Investment Managers | MRO-TEK |

Vivek Mahajan of IL&FS Investmart says that there is good buying support at lower levels, particularly in engineering, technology stocks and also in select auto stocks.

Excerpts from CNBC-TV18's exclusive interview with Vivek Mahajan:

Q:  We have moved up to about 11,739. How much of F&O action is present now and what kind of participation you have right now?

A: People are mostly concentrating on their rollover positions as we go into the expiry of the current month, 40-45% rollover has taken place. I think it is comfortable. At the same time, we are finding good buying support at lower level particularly in engineering space, technology stocks and also in select auto stocks.

Q: What's your word on MRO-TEK considering the fact that the stock is really making smart moves on good volumes?

A: The company is doing good work on the R&D front. We are expecting a couple of new products to be launched by the company. There is a rumour that the company is likely to bag a big order going forward.

Q: Would you like Titan Industries given the kind of move that we have seen and the retracement that's stepped into it?

A: I think this stock may be slightly expensive but the interest in the counter continues to be phenomenal, as so much of activity is taking place in the new lifestyle related products. Consumers are spending more and more amount and retailing is also catching up.

This stock also stands to benefit as we go into the festive and marriage season. Titan Industries is one of the leaders in the watch market and also in branded jewellery. Therefore, the product demand is expected to be high and as a result the interest on the counter too at lower levels.

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