Reliance Industries has target of Rs 850: Sukhani

Sukhani told CNBC-TV18, "I wouldn’t buy Rashtriya Chemicals and Fertilisers (RCF). Sometimes we look at a chart and say may be this chart is bullish, so that’s the answer for RCF. But as a trader I have the choice of going for a stock and not going for a stock. RCF is not a favorite. PSU fertilizer stocks keep on doing this kind of drama all the time."

He further added, "In Reliance Industries I think it was Rs 850 earlier before it pushed and traced almost completely. It is Rs 850 again because whatever retracement it has done is now coming back into play and the target of Rs 850 on a technical level also exists."

"We have been bearish on Jindal Steel & Power from Rs 800-750 downwards and we have not given a buy in it. The charts have been breaking down consistently, there is no support in it. No one should try and attempt to buy because it is like catching falling knives, don’t attempt it also."