Vedanta, Cairn India, Hindalco will head lower by 10-15%: Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Once the market kind of tops out in the near term, all the high beta groups come down. Everything that ran up will come down, so Vedanta, Cairn India, Hindalco Industries, all these stocks will come down 10-15 percent. So, you should be ready for that. However, maybe at lower levels they would again be buys but I would believe that now this rally would restart only after the Fed has spoken. Once the rate hike is priced in, even if it happens, I think post the rate hike we should resume our rally." "Patel Engineering and Hindustan Construction Company (HCC) have already fallen in the last few years and few months. They have just come out of those deep corrections. So, even if they do fall, I don’t see them falling back towards where this rally started from. Maybe they could give back 50 percent of their recent gains but definitely something seems to be turning in construction. So, whenever the rally resumes, I have no doubt that these stocks will make fresh intermediate highs again. So, this decline, if you get one, should be used to buy," he said.