Buy GAIL around Rs 350- 365, says Anil Manghnani, Modern Shares & Stock Brokers.
Manghnani told CNBC-TV18, "Reliance is the key one for this market. Rs 700-705 are a major 100 month moving average. So the more it trades below it, the bigger problem for the market because it opens a major downside at Rs 630- 620. But I think the other one GAIL is still okay. I mean the stock bounced from a good support, now it's again retracing, but it's got lot of support between Rs 350-365. So actually I would go and buy GAIL if it fell to that range even from an investment point of view."
He further added, " Bank of Baroda (BOB) has rallied now from about Rs 630-640 all the way to Rs 700-710. So I think it becomes a short now, again a lot of resistance around the Rs 710 mark. I think it should head back. I am only putting Rs 670 for the time being, but I think it will go and retest Rs 630 eventually."
