Anil Manghnani of Modern Shares & Stock Brokers feels ACC could go in for a bigger fall and BHEL may dip to Rs 195 which is the previous low.
Manghnani told CNBC-TV18, “Given what is already happened in capital goods & cement, they could really fall even more. The weaker stocks just keep getting hammered. I think in cement like ACC could go in for a bigger fall and BHEL maybe Rs 195 which is the previous low now becomes a very crucial level. But that is from the weaker names.”
Manghnani further said, “If one looks at the stronger names; one would have to look at some of the banks. There are early signs of some correction even in the bigger banks. If I look at the CNX Bankex it looks like it is now headed towards 12,000. If that happens then there is a clear case for some of the private banks also to now play some sort of a catch up on the downside.”
“The other one could be interesting is Maruti Suzuki . Maruti has fallen from Rs 1,590 to sub Rs 1,500. It is a clear case of the Yen. The Yen has had a great run from 79 to 94 and that has helped Maruti move up. But now the Yen may pull back to about 86 before starting the next move which is a longer call to 105-106. In this move of the Yen from 94 to about 86 even a Maruti, which is purely a Yen play, now could also give up some of the fantastic gains it has had recently,” Manghnani added.