See downside in HCL Tech, says Sukhani

Sukhani told CNBC-TV18, "The charts of HCL Technologies are not nice. It suggests that Rs 500 is a strong resistance and I do not see it crossing that resistance. Yesterday it was weak. I am assuming that whatever happens today and in the next few days will not be conducive for IT stock prices."

He further added, "In context as well as on the independent charts of HCL Tech there is a significant downside available and there is no upside. If nothing happens the trade will not go wrong. It won't lose. But if something happens and goes wrong then there is significant downside moves in all the IT majors now."

"I would buy Larsen and Toubro because it is now making new highs for this bull market, this uptrend and new highs must be bought. It's a nice chart. It rallied from Rs 1,100 to Rs 1,400 but the context must also be available. If the market remains stable then only any kind of buying would be done. It's in the list but the market will suggest whether to buy or not."

Disclosure: I have no holdings in the above stocks.