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Mar 28, 2012, 11.32 AM IST
One can sell OBC, says Sudarshan Sukhani of s2analytics.com.
One can sell OBC , says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "Technically Titan has not corrected at all. This market corrected from 5,630 all the way 10% correction. Titan hasnít done it. I am upbeat on Titan today but reports can make a lot of changes. Assuming that the report is ignored on the charts Titan suggests that after a very brief correction yesterday a rally came in and itís probably likely to make those new highs again. In any case a stock that makes new highs repeatedly as Titan is doing probably ignores all these reports."
He further added, "OBC is a sell. It is a very big PSU bank, in fact something very similar to Canara Bank. It broke down from a support level equivalent to 5,170 on the Nifty, while the Nifty has been holding on and the Bank Nifty also has been holding onto those levels, OBC broke down. It made a fairly bearish pattern when you break down from support which other indices are still holding onto. Thatís not good news."
"In any case the rally we see earlier apart from this one was always very indifferent. In fact the prices of OBC havenít moved up at all for the last many years, 5-7 years. Itís been an underperforming bank and that underperformance continues. So itís a short sell. Traders could also consider doing some kind of a pair trade. Go and sell OBC and buy State Bank ."
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