IFCI and Sesa Goa may see further downside, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, "IFCI is a short sell now. Whatever rallies we have seen in it are done and over with and I have been warning on your show, this one particularly that while sometimes IFCI shows momentum, don't trade it and this is the reason that when it falls it falls like a ton of bricks. IFCI is a short sell, an immediate target of Rs 18 is quite possible here and probably much lower. It bottomed out last time at Rs 9, this time it could go lower than that."
He further added, "Sesa Goa is a very fine stock, but all stocks go through bear markets. That bear market is not complete for Sesa Goa. We will keep on seeing these sharp sudden declines till the stock bottoms out and that could take a lot more time. At this point we could be looking at Rs 150 as a target, it's a short sell with a tight stoploss but the declines are likely to continue."
