See another 5-6% fall in SAIL: Mohindar

Rahul Mohindar, viratechindia.com feels that another 5-6% fall is expected in Steel Authority of India (SAIL).

Mohindar told CNBC-TV18, "Metal still looks weak, so SAIL despite the crack that we are seeing today, broadly I think we are looking at 5-6 percent further on SAIL. Tata Steel is the another stock I would sell. There we have a target of Rs 325. So, both the stocks look fairly weak and we are in a situation -- if this market starts breaking down, the weakest stocks will start getting hit even worse." He further added, "I think the way I am going to look at it is we have to consider today’s movement as a very strong breakout. I am going to not change that viewpoint unless we close about 5,850. We are not seeing that kind of a situation. So, there is no point in coming to upward conclusion." "The market has been waiting for this real range to breakout, they were waiting for the credit policy. We have had enough political jitters today. Once all that has been played out probably in a day or two we would know that if 5,850 is maintaining or not and possibly right now it is not and one has to read that negatively."