Mercator has resistance at Rs 23-24: Manghnani

Mercator has resistance at Rs 23-24, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "TVS Motor is a weird stock. If you look at that stock either it goes one way up or one way down and its appends an entire year going up and an entire year coming down. So it’s too early the way it’s collapsed all of last year and didn’t even participate in the January-February rally. It tells me it’s too early to take a call on that stock."

He further added, "Mercator was hitting life lows or 2008 lows and the market is nowhere there, so it’s a little early to take that this is a fresh move or just an oversold reaction. But I am not sure what it is closed at but I am pretty sure around the Rs 23 or Rs 24 mark there is a lot of resistance for Mercator."

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