According to Sudarshan Sukhani of s2analytics.com, Gujarat State Petronet is a short sell.
Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "It is a very disappointing chart. Gujarat State Petronet (GSPL) was one of those erstwhile favourites which could do no wrong. There was so much hype associated with it. Now the exact opposite has happened. It was in a small trading range and that range took the shape of a descending triangle."
He further added, "After a big decline, a descending triangle is a bearish pattern and suggests that there is much more downside left. GSPL is a short sell. The metals including GSPL, the petrochemicals are not going to do what the Nifty could do today or for the next two-three days."
Set email alert for
ADS BY GOOGLE
video of the day
See new highs this fiscal; near term clouded: Nilesh Shah