Escorts has minor support at Rs 118.5: Harchekar

Escorts has minor support at Rs 118.5, says Amit Harchekar, Sr Technical Analyst, India Private Clients IIFL.

Harchekar told CNBC-TV18, "Delta Corp has some support at around Rs 35-36 but if that is taken out we might see the going all the way to Rs 31."

He further added, "Escorts has again violated the important support of Rs 131. There is a minor support at around Rs 118.5, if that is taken out on closing basis we might see further trend getting deteriorated but as of now most of the midcaps are trading below their long term moving averages, so unless we see broader markets getting stabilized above 5600 we might see all midcap stocks under performing the broader market."

Disclosure: Its safe to assume that we have recommended the above stock to our clients but I do not have any personal holdings.