IFCI can extend to Rs 32-34: Shubham Agarwal

Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "In Amtek Auto, the overall trend still remains down and I see this consolidation that is happening is more like a continuation pattern. So, even though we might have a temporary pullback happening there but I would not recommend getting carried away in that movement." "The move that has started taking place yesterday in IFCI could get extended to somewhere around Rs 32-34. So, another Rs 3-4 movement is what we see there which is 10-12 percent. Post that, again this move should get exhausted, so the longer-term chart is not lucrative, I think it is a more of a very short-term movement. However, surely both of the stocks are not looking good with a medium,-term perspective," he added.