Sell DLF on every rally, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, "DLF is going through a major breakdown - that's the Rs 190- 191 level for DLF which held and is now going to act as a resistance. The targets for DLF are about Rs 115-120. I wouldn't be surprised if we reach that target once this bear market gets over. So there is a significant downside not just for the day traders or swing traders but for position traders also. DLF is a sell at every opportunity and this is not a reflection on the company, none of what I say is. It's simply the chart action."
He further added, " Adani Power was in a trading range for about a month and half. That trading range is on the verge of breaking down. It hasn't done that but I am assuming given the thrust of the market downside we are going to see a breakdown of that trading range. That range will then act as a bearish flag suggesting significant more downside. It hasn't actually happened. Now suppose it doesn't, we have a stop loss. But if it does, traders could be ready to ride a very deep downtrend starting now after this big decline."
