Adani Enterprises may slip to Rs 258, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, "I am bearish on Adani Enterprises for a long time. It keeps falling, it doesn't stop, makes these new lows repeatedly. Though there must be some good reason for it but all we see is the charts and the consistent weakness in it tells us that it's going much lower. Stocks that don't stop have a message - that they are going down. There is a very mild modest target on the downside at Rs 258 but that's not the end of this decline, it's going to go much lower."
He further added, "All the cement stocks are now breaking down. So they are starting their bear markets or at least deep corrections now. Even in an up going market, ACC , Ambuja Cement is likely to be on the downside. So you sell ACC. Look for a target of Rs 1060 for the short term and probably lower for the longer term."
