Moneycontrol
Sep 27, 2012 10:56 AM IST | Source: CNBC-TV18

Short Apollo Tyres: Sudarshan Sukhani

Short Apollo Tyres, says Sudarshan Sukhani of s2analytics.com. The first support comes at Rs 80-81. It doesn't have to go all the way there but the signs are that it is not sustaining its highs, it is breaking down.


Short Apollo Tyres, says Sudarshan Sukhani of s2analytics.com.


Sukhani told CNBC-TV18, "In a choppy market there are opportunities on both long and short side. Apollo Tyres is a short sell. The first support comes at Rs 80-81. It doesn't have to go all the way there but the signs are that it is not sustaining its highs, it is breaking down."


He further added, "It is a very decent short sell because short-term traders must understand even corrections are tradable for them. For a position trader you simply step aside and say okay I have liquidated and I am not doing anything. But a short-term trader should take advantage of Rs 5-7 declines in stock like Apollo Tyres."

"If I am reading the charts correctly what Dish TV pause made is some kind of a flag. A flag is made midway in an advance. That's a small pause, very nicely made. So if that is so then Dish TVs eventual target on the upside is Rs 97-98, it is a mouthwatering target, it has been a stock that has done very well. So we have had a pause that's why I like to buy on pauses. I think it is a trade worth taking."

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