SENSEX NIFTY
Sep 27, 2012, 10.56 AM IST | Source: CNBC-TV18

Short Apollo Tyres: Sudarshan Sukhani

Short Apollo Tyres, says Sudarshan Sukhani of s2analytics.com. The first support comes at Rs 80-81. It doesn't have to go all the way there but the signs are that it is not sustaining its highs, it is breaking down.

Short Apollo Tyres , says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "In a choppy market there are opportunities on both long and short side. Apollo Tyres is a short sell. The first support comes at Rs 80-81. It doesn't have to go all the way there but the signs are that it is not sustaining its highs, it is breaking down."

He further added, "It is a very decent short sell because short-term traders must understand even corrections are tradable for them. For a position trader you simply step aside and say okay I have liquidated and I am not doing anything. But a short-term trader should take advantage of Rs 5-7 declines in stock like Apollo Tyres."

"If I am reading the charts correctly what Dish TV pause made is some kind of a flag. A flag is made midway in an advance. That's a small pause, very nicely made. So if that is so then Dish TVs eventual target on the upside is Rs 97-98, it is a mouthwatering target, it has been a stock that has done very well. So we have had a pause that's why I like to buy on pauses. I think it is a trade worth taking."

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