Buy Reliance Communications on dips: Manghnani

Manghnani told CNBC-TV18, "Reliance Communications has good support at the Rs 79-80 range and it has bounced by a couple of times from close to Rs 80. So I still think it's holding up, it did very well in a sluggish market yesterday also. So even if you do get a dip in the open you can buy into that stock just below Rs 79 as a stop loss and a move back to Rs 93-94 is possible."

He further added, "In BEML I just think it's a continuation pattern, what has happened in the last few days and especially yesterday. So I still think the stock should slide all the way to Rs 558 even lower but at least that is the first target I am looking at. Yesterday's high was Rs 604 keep a stop of Rs 605 and play for right up to Rs 558 maybe even Rs 525 but Rs 558 first."