VIP Industries may slip to Rs 80: Sukhani

Sukhani told CNBC-TV18, "VIP’s downside is Rs 80 and that is a pity. It is falling and not stopping. There are any number of stocks that are telling us much more lower levels are coming. This group is largely in the midcaps but if the midcaps are going to fall and fall, the largecaps, the Nifty stocks cannot be far behind. Maybe they won’t fall as much but VIP’s target is still a good 15% lower than where it is now and with very little risk, it keeps on breaking support levels, it did that yesterday. So I would assume that the slide that it is going to start possibly should take it to Rs 80."

He further added, " Jain Irrigation rallied one day earlier. This is why I keep on warning viewers, don’t rely on a one day rally, it means nothing and yesterday it fell and retreated from the start. So the rally itself was erased in just a day. That tells us that the rallies are not sustainable. Jain Irrigation’s trend is down and that we all know, it is clearly visibly down, its target is Rs 81 for a short-term trader and maybe even lower."

"This is not a stock we want to buy and after the rally post a one day rally, it is a sell on rallies and it qualifies as a trade for the day. Again it is a positional trade, you could hold on to it and make some money on the downside."