Short Reliance Power, Reliance Capital: Sukhani

Sukhani told CNBC-TV18, “Among the ADAG group stocks the only stock that could be watched for buying and not today is Reliance Communications . Reliance Power to me suggest that there is much more downside. Using April contracts it is possible to go short in Reliance Power as well as in Reliance Capital where a much lower level. I am assuming that significant decline could take it back to Rs 300.

He further added, “The trade that we do will have to be done for F&O in the April settlement series because today’s series will see a lot of volatility but there are trades, it is possible to go and sell PSU Banks even now in spite of the significant declines. Two PSU Banks that seem to be still ripe for selling are Canara Bank and Oriental Bank , so these are two names, there are probably many others.”

“There is some kind of stability because the entire market is off with volatility but banks are going to underperform, so banks remain a short selling idea including the private sector bank ICICI also."