Coal India may slip to Rs 300, says Sudarshan Sukhani of s2analytics.
Sukhani told CNBC-TV18, "Coal India charts are not very upbeat. Charts are suggesting that we are going to see Rs 300 again in the stock but news can make so many changes to the view but the charts alone suggest Rs 300. So it's a downtrend rather than anything else."
He further added, " Tata Global has broken a resistance that was earlier at Rs 93. Once it broke that - Tata Global itself is a low beta, low volatility stock. So it went through a 10% rally and yesterday made new highs. New highs are invariably bullish. So even though it has been accompanied by news I would not discount it. The news apparently is not fully discounted in the stock price and there is room for more upside. So the stock is up, whether you want to buy it today after a big gap or on a consolidation that's a different issue. Preferably wait for a consolidation or an intraday dip but there is probably more upside here."
"There is strong rally in Reliance Power and the previous resistance at Rs 100 tells us that the current price is a resistance rather than another breakout. So I would be upbeat on Reliance Power only if it goes through some kind of a correction and a significant dip."
