Sudarshan Sukhani, s2analytics.com feels that United Spirits may slip below Rs 500.
Sukhani told CNBC-TV18, "United Spirits is making new lows and while yesterday it did not do so, the fact is that there is not even the slightest sign of base building. SAIL and Indiabulls Real Estate have been consolidating as the Nifty has been but United Spirits has not been doing that. It's a distinct underperformer. The bear market is far from over. It will certainly cracked Rs 500 and go much lower."
He further added, " Dish TV is making new lows regularly and repeatedly and it's on the verge on making a new low. Yesterday's closing was the second lowest in this bear market and the chances are that this is not the end. Now at Rs 57 I sometimes think how low can it go? But we have seen stocks at Rs 100 come down to Rs 12. So we all know they can go much lower."
"The charts are not conducive for two reasons. First, we don't know what the Nifty could finally do and it makes sense to have a short position in the market. Second, irrespective of what the Nifty does, Dish TV is going down. It's going to break Rs 57, going to go much lower, probably crack Rs 50 also."
