Buy Apollo Tyres on decline: Manghnani

Anil Manghnani, eqwise.in advice traders to buy Apollo Tyres on decline and Bharti Airtel may slip to Rs 230- 240 levels.

Manghnani told CNBC-TV18, “If you are comparing strictly Idea Cellular and Bharti Airtel yes Idea has held out comparatively what Bharti Airtel has done in the last 4-5 months. You haven’t seen a similar fall in Idea. So may be that still looks okay.” He further added, “If I look at Bharti Airtel charts when I look at the monthly chart it still looks quite bad. So I think eventually it may go and retest that Rs 230-240 range. So I am not too hot on Bharti right now. There are many other stocks in other sectors that are far outperforming and which show that the money is going into that. So why trade a sector that money is not going into right now.” “I would say Apollo Tyres is a buy on declines. May be the fact that it rallied to a new high may be you will get a little deeper correction. But traditionally I am seeing for the last few months the stock has always taken support closer to the 200 day moving average. So that is somewhere around Rs 82-81. So if you got it around there it would be a fair buy given the overall momentum and this is a stock that wasn’t doing bad even while the market was struggling at 5200, it was still rallying higher. So you would find buyers somewhere around the Rs 81 mark."