Ashu Madan negative on GAIL

Ashu Madan, President, Core Client Group, Religare Securities Ltd. is slightly negative on GAIL.

Madan told CNBC-TV18, “The entire upmove from Rs 300-400, GAIL India has retraced that upmove. That has bothered me. Overall fundamentally, the results were, there was growth in line with expectations. But I think the outperformance which was lent which we have seen in the market from Rs 300-400, it has entirely retraced. So that has concerned me that it has come to a support level. If it doesn’t move up from these levels, I think we could be in for some problem. So I think it’s a very important level to watch where currently it is in. I am not too optimistic because I feel that this stock should have been held at higher level inspite of weak market with some outperformance which is has not happened because of which I hold a slightly negative view now.”