Sterlite Industries (India) may slip to Rs 100, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "Sterlite Industries (India) is a disappointing chart and metals are now suggesting that they have done their bit and are likely to turn around. In case of Sterlite it did not participate in the rally as Hindalco Industries had done. For the last one month it has been in a distribution or what could have been a consolidation. Eventually that has turned out to be distribution, a confirmed bearish head and shoulder pattern."
He further added, "Technical traders who are listening will be able to identify that pattern very easily and a breakdown from it. So it is going towards Rs 100 probably. At Rs 113 that’s a 13 percent downside, it is a lot of downside for a blue-chip stock. It is a very nice trade. Just buy Puts and hold on."
Disclosure: I have no personal holding in the above stock.