Sell Reliance Infrastructure, says Sukhani

Sukhani told CNBC-TV18, "Reliance Infrastructure is a miserable chart. It also belongs to the group which is going to distinctly under perform. It’s already doing that. It made new lows in a market where at least the Nifty is still far above 4,500. So I would assume that Reliance Infrastructure is a short sell even today because most of these stocks open with gaps, they should be sold only on minor rallies but Reliance Infra seems to be a safe sell."

He further added, "There was a big decline and that decline should see lot of follow-through today, look for a small rally and go short in it. Position traders can build positions and look for the next decline in the Nifty when this will go much lower."

" Indian Overseas Bank is very weak. Earlier we were talking about the distribution patterns that were coming about and the market doesn’t oblige by immediately falling but the distribution patterns have work themselves out. In case of IOB we are looking at Rs 83 as the closing price, the chances are it will open much lower and an eventual target of Rs 65. Not today but eventually. So there is a lot of room on the downside for most of these public sector undertaking (PSU) banks. Better to focus on the madcap banks for short selling."