Short ONGC, says Sudarshan Sukhani

Sukhani told CNBC-TV18, "ONGC after a spectacular rally entered into a resistance zone at Rs 290, which is the zone where it has retreated repeatedly. It's just a matter of chance that, that was also the point when crude started rallying. I think ONGC would have retreated either ways. But with the news against it, with the resistance level which is very visible ONGC should now go through a deep correction. Here is a short sell and even if the Nifty were to be choppy this one comes down."

He further added, " Orchid Chemicals fell from Rs 250 to Rs 108. So the uptrend has started after the Rs 108 decline and that was a spectacular decline. But its not just last 10-15 days, Orchid Chemicals is now making some kind of a base for the last one-and-a-half months; it's falling, rising and having a very decent rally from Rs 108 to Rs 125 or so."

"There is a possibility that this stock is bottoming out. If that is so then yesterday's gains should be built upon and it's a buying opportunity for position traders where one is buying at the lows. So for either of them, day trading maybe one will see follow-through today, for position traders - buy it, hold it patiently and if this is a base, if this is a bottom then one is getting at very low."