Below Rs 207, Tata Motors may test Rs 180-185: Manghnani

Anil Manghnani of Modern Shares & Stock Brokers feels that below Rs 207, Tata Motors may test Rs 180-185.

Manghnani told CNBC-TV18, "I think other than the midcap carnage some of the largecaps that need mentioning include Tata Motors, Tata Steel, Infosys and JSPL although Tata Motors had a clear support at Rs 207. It closed below that and being an F&O expiry maybe it will give it a little bit, try to see whether it can get back above Rs 207."
He further added, "If it consistently trades below Rs 207 then there is no level up to Rs 180-185 range, so definitely worrisome because at Rs 217 it was the low when the index was 4,770. Today at more than 5,000 it is at a new low. So underperforming the market and similar with Tata Steel where the low was Rs 389 when we were 4,770."
"But to divert a little bit – the two that worry me are JSPL and Infosys because JSPL is now at a two-three year low. So that stock is taking a hammering. I think the next target is closer to Rs 352 and Infosys being such a big stock for the market Rs 2,160 was last August’s low. It’s now decisively broken that. The next target for that is Rs 1,975. These four stocks have got nothing to do with pledging, nothing to do with margin calls, there is just definitely some institutional base selling there."