Short Tata Power , says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "Tata Power has been an outperformer, so clearly we are not saying the trend in the stock has changed decisively or even changed at all. What I am saying is that for the momentum trader, for the short-term trader who is looking at a day trade or a swing trade, Tata Power suggests a strongly overbought condition and candlestick pattern that say, okay I may be willing to go down a little. So for such traders Tata Power is a short sell. Look for a target of Rs 102 and much more important there is no need to buy it now until the overbought condition doesn't get tempered down."
He further added, "Almost all short sells will be corrections and Gujarat Fluoro is one of them. After a strong rally the stock is now suggesting an overbought condition. Momentum now seems to be veining and there is a sense that it is possible that the stock prices may come down all the way to Rs 470. So for professional traders there is a short selling opportunity."
