Jan 08, 2013, 10.32 AM | Source: CNBC-TV18

See lower levels in HDFC Bank, says Sukhani

See lower levels in HDFC Bank, says Sudarshan Sukhani of s2analytics.com.

See lower levels in HDFC Bank , says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "I have been fairly downbeat on large private sector banks and I have explained that these are the ones that will drag the Nifty down and which is exactly what's happening. HDFC Bank has broken down from a trading range and it is drifting on the downside."

He further added, "In a choppy market, even in a mildly indifferent or mildly bullish market I suspect HDFC Bank may see lower levels. This kind of short selling especially of heavyweight index stocks should be done only by professional traders but there is money on the downside still."

" Exide Industries has a very nice chart. There are two different patterns playing here. The first is a smaller bullish head and shoulder pattern that confirmed itself yesterday. So we should see follow-through and then there is a target for the pattern. Once we see follow-through for this one then Exide had made a double bottom and that double bottom on a larger picture, on a larger time frame that double bottom gets confirmed."

"So what we are seeing is the first of the bullish patterns which if working out will trigger the second larger bullish pattern. That’s a very nice position to be in. So Exide should see follow-through for yesterday’s gains and positional traders have this excellent opportunity to build their positions at fairly lower levels."

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