Parag Doctor negative on Sintex Industries

Parag Doctor, Head, Trading Strategies of Keynote Capital's told CNBC-TV18, "We have a negative view on Sintex Industries. The stock has been in a major downtrend. It is in a bear market, it has been making new 52 week lows and what is happening right now is some kind of pullback rally. This could sustain to maybe the mid 40s, between Rs 42 upto Rs 45 levels or so. That would be a good time to reduce positions in this stock and whether it goes to Rs 55 or not in the immediate term, it is difficult to say. But there is no visibility at all in the stock as far as the technical's go on the upside."

"It is best to really reduce positions and try to come out of it and again move to the largercap stocks because in this part of the market cycle even if the markets were to go up the participation will be much more in the largercap stocks and most of these midcap stocks have lack of interest from the institutional players. It is difficult to visualise any big upside in them," he added.