Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "It is a very disappointing chart. Gujarat State Petronet (GSPL) was one of those erstwhile favourites which could do no wrong. There was so much hype associated with it. Now the exact opposite has happened. It was in a small trading range and that range took the shape of a descending triangle."
He further added, "After a big decline, a descending triangle is a bearish pattern and suggests that there is much more downside left. GSPL is a short sell. The metals including GSPL, the petrochemicals are not going to do what the Nifty could do today or for the next two-three days."