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Market expert SP Tulsian continues to remain negative on Zee Entertainment and Tata Motors

Updated : May 15, 2019 05:52 PM IST

Stock market expert SP Tulsian of 'Sptulsian.com' on Wednesday said he continues to remain negative on Zee Entertainment Enterprises (ZEE) and Tata Motors.

On Zee Entertainment, he said, "We are still seeing the liquidation by the lenders. I do not know how much sanctity it holds of the agreement having reached by the promoters with the lenders as that has not covered all the lenders. Last week, we have seen that the Reliance Mutual Fund has sold some of the shares. Also, you see rumours keep coming of sometimes auditor or director have resigned. So, unless and until you see this selling getting stopped by the lenders, I do not think that we will be having any respite till the final deal is getting announced by the promoters of their stake sale."

Speaking on Tata Motors, Tulsian said, "Tata Motor was just a futile rise which we have seen. In fact, I remember in the middle of April it was Rs 240 and I said that it is a big trap, I do not see any reason for a change in the fundamentals. At that time, the market was quite positive on Tata Motors. We have seen it moving one way from Rs 180 to Rs 240. It is difficult to point out who really makes the stock to move up so much in spite of no positive news seen coming in on the fundamental front. So, a bearish pattern seen continuing on Tata Motors may be with a price target of Rs 160 seen in the next week or so."

On IndusInd Bank, he said, "I think the stock is seen to be bottoming out as I think the pain of the IL&FS exposure of about Rs 3,000 crore of the bank and large portion of that is to the holding company. However, I do not think that a further downside is seen from here. But, it is better to play safe when you have the alternatives available, where the results have already been declared may be like ICICI Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank, where the things are seen to be much better. Though all the four stocks are expensive over IndusInd Bank, the fear of the IL&FS is looming large over the stock."

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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