Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "I would not touch midcap space right now at all. There is a reason for that, there is a pattern called as wedge pattern which occurs at the end of very large moves. Now, that was seen in the junior Nifty as the CNX midcap. There was also a break out below this pattern. This indicates there will be a 10 percent down move on the midcap index itself. Now, of course the pattern can be wrong but then at least this is what it is telling me. Coming back to the names like Suzlon, HDIL of course not. These stocks are still making lower highs and maybe the market is jumping, that is the reason these stocks are outperforming maybe two day or would have been yesterday."
"Sintex is something that I would definitely recommend. There was break out above the 108-110 zone so, it is came back to that particular level and now it is bouncing back again so this is a very good stock but coming back to Suzlon again, the reason they are because—of course the markets have gone up, secondly their bid ask is usually much higher, maybe those could be the reasons," he said.
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