BHEL may go down to Rs 225-230, says Rajen Shah, CIO of Angel Broking.
Shah told CNBC-TV18, "In BHEL maybe we could see some further weakness but I think now these all companies have come down to reasonable levels. If your timeframe is 24-36 months I don't think there is any reason to panic. Maybe the stock could go down to Rs 230 levels or so but that's a part of market."
He further added, "In a matter of one month is amazing actually, midcaps have gone up 40%. Even frontline companies have gone up 20% or so. Reliance Communication everybody was negative, went up from Rs 70 to almost Rs 100 - that's a 40% upside. Even small midcap companies have grown 40-50%. So this kind of things will happen. Maybe BHEL will go down to about Rs 225-230."
"If your timeframe is long term, I think power is a sector to be in. In fact there is so much of negativity right now factored into the stock price of many of the power equipment companies, power transmission companies, so one should start nibbling. Though we own this stock in our PMS but around Rs 225 we will certainly have a look at this stock."
