Exit Alok Industries, says Shardul Kulkarni

Exit Alok Industries, says Shardul Kulkarni, Angel Broking.

Kulkarni told CNBC-TV18, “Alok Industries is at near to a 52-week low. Stocks which hit 52-week lows should actually not be purchased. So I would be really skeptical of holding the long positions in case of Alok. The advice would be one should be actually exiting the stock, because it is very strong downtrend.”

He further added, “You don’t know when the uptrend will resume, neither does the chart on the weekly or the monthly tell you that you should be holding long positions in case of Alok industries. So I think that it is better to exit. You may find the stock at lower levels. Probably even Rs 11-12 is quite possible because that is the level that the stock actually tested in the last few months. So I think that you should be looking at exiting from Alok Industries.”