Avoid Bharat Forge, says Hemen Kapadia

Hemen Kapadia of KR Choksey Securities told CNBC-TV18, "Bharat Forge has moved from Rs 190 to Rs 1,350 over the last couple of years and now we are correcting this rise. We have seen a decent retracement but looking at the stock, we have entered an intermediate downtrend a longer term correction. There is going to be further downside, so I think one can avoid it for the time being but if one does need to invest and is keen to invest, around Rs 742-750 is the level where I would advise to invest and I don’t think one should do it at one go, I would wait just a bit more because it looks like going to this level."Bharat Forge ended at Rs 814.90, down Rs 52.50, or 6.05 percent on the BSE.