SENSEX NIFTY
Dec 26, 2012, 10.38 AM IST | Source: CNBC-TV18

Short Kotak Mahindra Bank, says Sudarshan Sukhani

Short Kotak Mahindra Bank, says Sudarshan Sukhani of s2analytics.com. The charts are now rolling over which means they have had a rally, they topped out and now a distribution, a choppy market condition is visible on the charts and that is now breaking down.

Short Kotak Mahindra Bank , says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Kotak Mahindra Bank charts are now rolling over which means they have had a rally, they topped out and now a distribution, a choppy market condition is visible on the charts and that is now breaking down."

He further added, "What we are doing now is to see whether Kotak can go down all the way to Rs 610 or even Rs 600. The intraday targets are less, they are not as deep as this. But an eventual target is to breach the support levels of Rs 600 to Rs 610 and that is a lot of downside that is possible in this stock. It is not just Kotak, it is a lot of top-class banking stocks that are giving us a similar pattern, which is why I am assuming the Bank Nifty is doing that. So here is a short sell for you."

" Reliance Capital does its own thing and sometimes it is a high beta stock, I would say it is driven by whatever drives this stock. Reliance Capital had a mild small correction and that correction almost found support at an earlier support level of Rs 475 and it is bouncing from that."

"It had a very good day on Monday. That seems to tell us a shallow correction is the first sign that there is a strong upside momentum in this stock. We must try and get it or for an intraday trader wait patiently for the first 15-20 minutes, look at it and if it is starting to rise, go long in it."

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