Sell Mahindra Satyam; target Rs 70-75: Ashwani Gujral

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Sell Mahindra Satyam; target Rs 70-75: Ashwani Gujral

Mahindra Satyam has made a bearish head and shoulder kind of pattern which means that the smart people have probably sold at higher levels. One need to exit as it rallies towards Rs 96-98 because the targets for this pattern are closer to Rs 70-75, says Technical Analyst, Ashwani Gujral.

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Excerpts from Your Stocks on CNBC-TV18 Watch the full show » ALSO READ See previous views by Ashwani Gujral See what other Experts & Brokerages are saying about Mahindra Satyam See messages about Mahindra Satyam Mahindra Satyam BSE | NSE 09/02/12 Are Mutual Funds betting on Mahindra Satyam?

Mahindra Satyam has made a bearish head and shoulder kind of pattern which means that the smart people have probably sold at higher levels. One need to exit as it rallies towards Rs 96-98 because the targets for this pattern are closer to Rs 70-75, says Technical Analyst, Ashwani Gujral.

Gujral told CNBC-TV18, "It has made a bearish head and shoulder kind of pattern which means that the smart people have probably sold at higher levels. Right now it could have a pullback rally to those Rs 96-98 sort of levels but it seems difficult to go beyond that and given that rupee is likely to appreciate if liquidity flows continue, so he needs to exit as it rallies towards Rs 96-98 because the targets for this pattern are closer to Rs 70-75, so he needs to exit out of his holding."