Below Rs 270, Satyam may slip Rs 50-60: Sukhani

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Below Rs 270, Satyam may slip Rs 50-60: Sukhani

Technical Analyst, Sudarshan Sukhani is of the view that below Rs 270, Satyam may slip Rs 50-60 and similar patterns are available in more or less degrees in the other majors. The smaller ones are not giving this pattern because they were beaten down much more.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Satyam Computer extends losses Satyam wins SAP implementation contract from First Holding ALSO READ See previous views by Sudarshan Sukhani See what other Experts & Brokerages are saying about Mahindra Satyam See messages about Mahindra Satyam Mahindra Satyam BSE | NSE 28/05/12 Are Mutual Funds betting on Mahindra Satyam?

Technical Analyst, Sudarshan Sukhani is of the view that below Rs 270, Satyam may slip Rs 50-60.

Sukhani told CNBC-TV18, "IT stocks are now literally giving the signs of an impending crash. In Satyam below Rs 270 there is a freefall, which could take it down by 50-60 points and similar patterns are available in more or less degrees in the other majors. The smaller ones are not giving this pattern because they were beaten down much more. Maybe there are niche opportunities there but the larger IT stocks are saying okay, a little more downside support will be broken and then we will go in for a freefall."

Disclosure: Analyst has delta neutral positions in Nifty and investments in shares.