Sell PSU banks, says Sudarshan Sukhani

Sukhani told CNBC-TV18, " Suzlon Energy has not been in a buy list. At Rs 16.80 it has come down to its pervious lows. Twice it bounced from Rs 16.80. So this is a very high risk buying opportunity and also a high reward trade if it works out even for a small amount of rally. We want to watch it and if the market behaves well and Suzlon holds to its support levels then it’s an excellent buy because Rs 16.50-16.80 support has held repeatedly."

He further added, " Syndicate Bank made new lows on Friday. The public sector undertaking (PSU) banks keep on coming in our list as short selling candidates. They sometimes consolidate and then breakdown again, so the same bank comes again and again. It is a dismal picture and the Bank Nifty is showing a very sorry state for bulls. While the Nifty remains in a trading range, the Bank Nifty has broken down from a similar trading range, so it’s worrying. But PSU Banks are selling opportunities; there is nothing to buy here."