Exit BHEL on bounce: Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "BHEL's order book is weak going ahead. If you look at the past orders compared to current and the futuristic orders, it is weak. What has it given to the long term investors since last couple of years or more than that, it has been on the negative side only. So at particular prices we get intermittent bounces but that is only for trading."

"I do not see a long term investor buying into BHEL. If somebody wants to be in the capital goods, I think the better place to be is with Larsen and Toubro (L&T) or probably some other stock. Currently one can hold for some time for some bounce back, but I do not see any reason why a long term investor should get into BHEL unless there is some specific reason. So I would say wait for a bounce, and probably exit."

"I do not see beyond a particular price BHEL is making – if market has to go up, there will be many other stocks which will perform much better than BHEL. Unless specifically somebody loves BHEL, that is a different thing altogether," he said.