Titan, Tata Steel may slip further, says Murlidharan

Titan and Tata Steel may slip further, says Manoj Murlidharan Vayalar, IIFL PReMIA.

Murlidharan told CNBC-TV18, “There are a couple of stocks based on the rollovers and all. Now we have been trying to find out if we can get any volume weighted average market price (VWAMP) based candidate. So I feel – yes, Hexaware was one, intraday it has already fallen 4% so we are not expecting more than 2-2.5% more.”
He further added, “Titan is one stock we feel we can again see some selling coming in. I guess it was Rs 222-223 in the morning, so at least for intraday, we are expecting another 2-3% on the downside. If it is a June series, I feel Rs 206-208 is what we are looking for Titan. This would be our top two. If it is a big boy obviously Tata Steel becomes a sell even on June futures. I guess this is somewhere close to around Rs 409 is a stop loss we are recommended and Rs 380 is when we will cover the shorts.”
“Hexaware was one candidate and second was Titan as well though Tata Steel I do not feel. But there is one stock which is Coal India so I feel that stock might come into a volume weighted average market price (VWAMP) based buying though the conviction is still to come in and the equation for VWAMP starts till the data you get it from the time of 2:45. So still we have some data to come in but if it’s a VWAMP based buying in any stock I would still say it is just Coal India and no other stocks."