VIP Industries may slip to Rs 87- 90: Mohindar

Mohindar told CNBC-TV18, “ Autoline is one of those stocks which you had a huge breakout over the last 5-6 sessions but there is very big volume pounding it. So I can't really say that this is a stock which should be sold into or one should exit. The formation is good. You might see about Rs 170-180 coming on this stock but again the risk reward ratio is really not justified in terms of getting in right now. So from that point of view it's really a hold more than a buy.”

He further added, “ Bombay Rayon I expect corrective moves. The stock broke down the level of Rs 260 which was a key long term level. We are still below them and I still believe that market is probably going to be sideways to downwards particularly on this stock from here.”

“Most of the consumer stocks look weak and particularly VIP Industries. There is no question I would buy it. The stock really had a very strong down breakout over the last few sessions. I continue to think that this stock can go down and test levels somewhere between Rs 87-90.”