Sell Orchid Chemicals , says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "Orchid Chemicals is headed down. It is heading towards Rs 100. I don't know why these patterns are coming out and whether they will work out or not but I wouldn't buy it. Yesterday it made a new low, now I can expect a lot of follow-through on the downside, so the trade is for day traders is sell on every occasion, small minor break down also, on rallies of course you sell it, it will go much lower."
He further added, " Tata Chemicals is in some kind of an uptrend, it's not in a bear market like the others, so the view here is that we are probably heading towards a deep correction in the stock. For short-term traders that deep correction is also a selling opportunity but we understand that at some point there will be brief rallies, so you take your profits and get out whenever you can which means that it's different from Orchid Chemicals. For Tata Chemical I have a target of Rs 320 and if you get it you must get out. In Orchid you could suddenly become a position trader."
