Short Aban Offshore, says Sudarshan Sukhani

Sukhani told CNBC-TV18, “The PSU banks have turned turtle in the sense that they have all started showing distribution patterns after the rally. Some of them were in deep trouble on the charts. So if the PSUs are not buying on dips opportunities at all, something is going on there and we need to let the market work out what is wrong with them.”

He further added, “Private sector banks are certainly opportunities but the deep needs to be identified as the Nifty is continuing its losses. Today is not the day when we want to buy it but eventually yes, in the next few days if the market stops falling, Axis Bank and ICICI Bank should be the top buying opportunities.”

“Aban Offshore had a rally and after that rally, it went through a sideways pattern that apparently was distribution, it has fallen. So even if it corrects, the correction could have a lot of downside potential. So professional traders should consider going short in Aban.”