Sukhani told CNBC-TV18, "IRB Infra was giving a pattern that suggested that it's going to outperform the other infra stocks and then somewhere down the line, somewhere in the beginning of December the patterns changed, the stock turned down and its now on the verge of a significant decline, it's at a tipping point. I don't know if that tipping point will come today or it will come next week but immediately we are seeing a target of Rs 120 on the downside and that should provide some support. Once that Rs 120 support breaks we are looking at maybe two digits."
He further added, "United Phosphorus is already so beaten down, at Rs 120 we are just looking for a downside trade of maybe 10-15 points which means we are having a target of Rs 105 but I suspect United Phosphorous is in the process of bottoming out in the long-term so this is not a high conviction short like Kotak Mahindra Bank or IRB Infra."
Disclosure: I have no investment is any of the stocks discussed.
