Videocon Industries may slip to Rs 167: Sukhani

Sukhani told CNBC-TV18, “Videocon Industries is not been active but it’s not been going up either and it did not perform well when the market was going through its very small up move. So it’s almost ready to go and begin a new down move as it breaks down from support levels. So Videocon becomes a short selling idea. Again the intraday targets are modest Rs 167 with a tight stop but I suspect this level is not going to hold and position traders can probably say, okay we will hold onto the short position if it closes in our favor.”

Disclosure: I have no investment in any of the stocks discussed.