May 22, 2012, 05.23 PM | Source: CNBC-TV18

Hindalco, Sterlite Industries look weak, says Sukhani

Hindalco and Sterlite Industries are looking weak, says Sudarshan Sukhani,

Hindalco and Sterlite Industries are looking weak, says Sudarshan Sukhani,

Sukhani told CNBC-TV18, “ Sesa Goa is the classic example, it was breaking out and my sense was that it is moving up. The fact that the breakout was a failure is usually a significant trend on the other side that is on the downside. Hindalco and Sterlite were already weak and the chances are that that weakness is continuing. I must point out that we are probably in choppy conditions rather than a confirm downtrend. The confirmation will come only if we start breaking 4800.”

He further added, “The charts of L&T and SBI look cheerful. They are falling today that’s a different matter but I think SBI (State Bank of India) is probably making an attempt to build some kind of a base with support around Rs 1800 but from here to Rs 1800 is a long journey so that can cause a lot of pain.”

“The ones that were moving in the last two days have all become prime candidates for shorting. ICICI Bank then we have Reliance which I am assuming is going to slide again, ONGC and BHEL inspite of the fact that it’s reporting tomorrow.”

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