Sukhani bearish on Andhra Bank, United Spirits

Sukhani told CNBC-TV18, “ Andhra Bank now appears that the two day rally was just a relief rally which fizzled our rather fast. Andhra Bank is now making an upward sloping flag, which is very bearish. It is almost breaking down and I am assuming it will. I have a very modest target of Rs 98 for an intraday trader or couple of days. But the targets eventually are Rs 83-84.

He further added, “ United Spirits has been a sell call since it touched Rs 750, when I had said it is making a double top in anticipation. Now at Rs 650 again United Spirits, which is McDowells, it is a symbol, it is making the same upward sloping flag which is made at a mid-point in a decline. That tells us that the eventual targets are again Rs 480-500 which is where it went last time. It is a very bearish chart; I would say it is a positional short apart from the fact that we can take it today and would carry it.”