Ashu Madan, President, Core Client Group of Religare Securities recommends selling PC Jeweller on bounce and feels that one may not stick to the stock with a long term view.
Ashu Madan, President, Core Client Group of Religare Securities told CNBC-TV18, "As jewellery stocks are not having the best of the time and the kind of news flow which is surrounding these stocks, the industry is not very positive for them and we have seen lot of volatility and at the end of the day they are going down."
"If one talks particularly about PC Jeweller, ever since listing, it has been coming down. Couple of weeks back also when it was around Rs 110-115 our advice was to get out of this stock and get into something else. However, at this level probably at Rs 64-65 which is all time low we are seeing a bounce back," he said.
"I don't think this bounce back would be very sharp and would be very long lasting. So I feel that there could be some more bounce back but one should look to exit this stock. Currently looking at the overall scenario of the industry situation where midcaps particularly are in, I don't think it is a stock which is to be held for long-term even if one is a long term investor."
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