Limited upside in Allied Digital Services, says Ambareesh Baliga, Karvy Stock Broking.
Baliga told CNBC-TV18, "We have been tracking Allied Digital Services and we were shocked because of the sort news flows, which were there post which they way it fell. Clearly in one of those large institutional investors who was possibly holding around Rs 30-32 lakh shares, which actually got sold off and post the sell-off you have seen that this stock has actually touched the upper circuit." He further added, "I suppose like it is a great time for the company to actually do a buy back because I suppose it a sitting on decently large cash pile and after the sort of thrashing which it has got, I think it is a right time to do a buy back and I suppose it will send out the right signals." "I think the trend in the stock has totally finished. I clearly do not see this stock going back again to those levels of Rs 160-180. I suppose the upside would be limited to levels of I think Rs 120-125, once the sentiment is totally spoilt in the particular stock or sector, it is quite difficult to build it back."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
