See lower levels in HOEC: Sukhani

Sukhani told CNBC-TV18, " ITC had a nice rally yesterday and that held the Nifty - ITC, Bharti Airtel - otherwise the Nifty would have been much lower. But ITC now suggests that if the Nifty is going to go up from here then ITC will be a distinct outperformer. This market would turnaround and take on 50 points upmove then one should go for buying ITC because that should probably outperform distinctly."

He further added, "Hindustan Oil Exploration Company (HOEC) has a disappointing chart like Pantaloon. There was a big rally from Rs 92 to Rs 130 and that rally is over. The patterns are distribution. A head and shoulder pattern is now has been confirmed, that's bearish, it is breaking down. So whether it comes back to Rs 90 or not is a question mark but it's going to go down significantly. A positional trade can also be taken on short side here."