Sukhani told CNBC-TV18, " Bajaj Auto is a surprise because what it's done, it's actually broken below the lows that it made earlier Rs 1565 or so, it's trading much below it and it broke down that."
He further added, "TVS Motors was in a downtrend anyway, but Bajaj was not. Bajaj Auto was in a sideways consolidation after a big up move and the fact that it's slid, broke a significant support level tells us that it's going into some kind of a downtrend now, this is not unusual. Prices will get a lot of propulsion when they come down, in a bear market that's supposed to happen. The fact that it continues happening tell us that the markets are in a firm downtrend."
"The very fact that Ashok Leyland and TVS Motors have looked toppy to me and rather they look like a continuation of the bear market suggests that on a rally it's possible to go short on them. Shorting candidates are plenty because M&M is also a short candidate, it's not a terrible chart, but the fact remains that it is showing signs of seeing much lower levels before it finally bottoms out, so M&M is also an appropriate short candidate."
