Short M&M in auto space, says Sukhani

Sukhani told CNBC-TV18, “ Ashok Leyland is not showing any signs of bottoming out; it was actually making new lows. Unless some very unusual news has come, I would describe it as you have said. It is a dead cat bounce. Markets are trading in narrow ranges, a lot of stocks can easily be picked up and pushed one side or the other. I would assume this is what is happening.”

He further added, “M&M is not necessarily a bear market short, it is just that M&M appears to be heading for a correction, it is already in it and the chances are it will have some more downside. So if somebody had to short on an auto name M&M would be the most appropriate choice.”