Sell MTNL on rise: Bhambwani

Excerpts from Your Stocks on CNBC-TV18 Watch the full show » RELATED NEWS MTNL wins tax case in ITAT MTNL may bid for licences in Turkey, Poland: NW18 ALSO READ See previous views by Vijay Bhambwani See what other Experts & Brokerages are saying about MTNL See messages about MTNL MTNL BSE | NSE 10/02/12 Are Mutual Funds betting on MTNL?

Technical Analyst, Vijay Bhambwani is of the view that one can sell Mahanagar Telephone Nigam , MTNL on rise.

Bhambwani told CNBC-TV18, "MTNL is another counter, which is a favorite ribbing boy of the bears every time the market tends weak in the knees. It has the crucial resistance at Rs 148 then Rs 152 levels every time it approaches Rs 148 the amount of shorts that you see building up on this counter just not funny."

He further added, "On declines it can go all the way down to Rs 120-124. It's a clear case of sell on advances because like Arvind Mills it's been an under performer whether be the Nifty you are better off putting money in Index rather than a stock which miserably under performs the Index, its actually given probably 30% or 40% returns of Nifty would have been in the last five years."