Stay away from media sector

Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Retail, media, FMCG score highest in labour index Sell Shringar Cinemas: Gaurang Shah Book profit in media stocks: Chhabria ALSO READ See previous views by Atul Suri See what other Experts & Brokerages are saying about Reliance Media See messages about Reliance Media Reliance Media BSE | NSE 10/02/12 Are Mutual Funds betting on Reliance Media? Other Stocks in this news New Delhi Television Ltd | Television Eighteen | UTV Software Communications |

Technical Analyst, Atul Suri is of the view that at current levels one can stay away form media sector.

Suri told CNBC-TV18, "After recent run in media sector I think they are just catching their breath but it looks like you have a move, which is more than a 45 degree angle, it corrects and then you have stock getting into new highs and this is a kind of flag formation and the second leg is equally as dynamic as the first leg. UTV is the first who seems to have done that, it corrected and again has got to lifetime highs. A lot of other stocks in the media space, whether it is TV18 or NDTV or Adlabs , I think these stocks are just pausing, because they would go in for a bit of a pause, a bit of consolidation and once they get into new highs they would be buys because you would see a move equivalent to what you saw before. So I wouldn't ignore this sector or say that the top is come, I would go for them."