Sudarshan Sukhani of s2analytics.com is bearish in Coal India, Adani Port and has recommended sell rating on the stocks.
Sukhani told CNBC-TV18, “Coal India has already broken the last support around Rs 320. It has already cracked and come below it. Coal India has very dismal charts. So for the day traders, Coal India seems to be a very reasonable short selling opportunity. Unless the markets takeoff, we will have short selling ideas for the day and they will work out and Coal India is one of them. Eventually it does appear that Coal India has a much lower downside target and that is very worrying but this is how it shows.”
He further added, “Adani Ports and Special Economic Zone is at new lows, there is nothing in it. I assume some of these stocks have far more hype than content. Adani Ports is on the verge of going below Rs 100. My target for this short sell is Rs 105 but that need not hold in the longer term. It’s probably going into double digits. Many of these stocks will go into double digits before this carnage is over.”