Gail may slip to Rs 320: Sukhani

Sukhani told CNBC-TV18, "Gail has been breaking down and at Rs 400 was giving the impression that, okay things are changing and from Rs 400 it didn’t stop. It’s something like Oriental Bank. It makes those lower highs, lower lows, tries to begin a rally. That rally fizzles out and then ends up at a much lower level and for three days now GAIL is in a narrow range. When a trend is very well defined for a stock then that narrow range inevitably leads to a continuation of that trend."

He further added, "I am expecting GAIL to break down from that narrow range and make new lows. If it doesn’t the stop losses are very tight, so it’s a trade worth taking. But if it does, it’s likely to go and break Rs 330 go to Rs 320 and who knows go much lower because the trend on the downside is very strong."