Sell Siemens on every rally, says Manghnani

Manghnani told CNBC-TV18, “ Siemens has fallen quite a bit from that buyback around Rs 800-900. But now it has completely broken down on the charts. So maybe because it is oversold, it might bounce back a little bit, but I think every rally should be sold into. May be keep Rs 600, the 20-day average as your stoploss, but this stock is eventually headed to Rs 480.”

“I know it sounds a lot for a big stock like Siemens but it has broken through pretty much every support on the chart,” Manghnani added.