Tuesday 11 November 2008

Metal stocks continue to underperform: G Shah

Gautam Shah, Technical Analyst of JM Financial Services is of the view that metal stocks will continue to underperform going forward.

Shah told CNBC-TV18, "The scenario is pretty much the same because some of metal stocks have lost anywhere between 20-30% in the last three-four weeks and therefore it is understandable that these stocks bounce back from time to time. But these rallies are just not sustainable; every time they get close to resistance levels you see a bearish reversal taking place, so the scene is pretty much the same. They remain in a downtrend and I guess they will continue to underperform going forward."

Source: Moneycontrol

Posted by Harsh at 07:33

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