Sukhani told CNBC-TV18, " Mahindra and Mahindra (M&M) fell yesterday. It fell the day before. It's unable to cross Rs 700 level. Something is going on in M&M, either it's going to be a late starter in this rally, but the charts don't suggest that. So that's more of a defensive sell."
He further added, "If the markets start cracking, if there is any weakness then the first stock we want to consider selling is M&M. But if the markets opened higher and maintain themselves there is no need to take a short position. So it's primarily as a hedge or as a safety catch."
"I am repeatedly bringing Sun Pharmaceutical Industries in my list and it's pushing up inch by inch or point by point and somewhere around Rs 530-540 it will start making lifetime new highs. It's on the verge of doing that. We don't know the days on which it's going to make that big dramatic rally, but every time there is a move that suggests it's going up, we try to buy it. So Sun Pharma is a buy. It's a position trader's buy."
"A stock that's willing to make lifetime new highs and is a blue chip needs to be in your portfolio for few weeks or a few months. It's also a day trading opportunity for today. It's quite possible that today it eventually push over that resistance."
Disclosure: I have no personal holding in any of the above stocks.
