Sell Welspun Corp, Aditya Birla Nuvo: Sukhani

Sudarshan Sukhani, s2analytics.com advises to sell Welspun Corp and Aditya Birla Nuvo at current levels.
 
Sukhani told CNBC-TV18, “Metals and banks are selling ideas if the Nifty cracks. So I won’t discuss them. There are some midcap stocks in the F&O segment which are worth selling. First of them is Welspun Corp. It has fallen from Rs 100 to Rs 50, halved in the last four months. The downtrend continues. Here is a stock that has something wrong going on for it. One of two day pullbacks and then the downtrend has resumed. On Friday, the stocks made new lows. I think this momentum on the downside will continue. So consider selling Welspun Corp.”
 
He further added, “The other one that I would suggest is an erstwhile favourite - Aditya Birla Nuvo. The stock has done all the wrong things. It rallied, the rally flopped, the lower highs, lower lows are being made as a steady pattern. While the Nifty went through some up move, Aditya Birla Nuvo did not go up at all. Strong resistance and the resistance are holding as new lows are made. So there will be midcaps where selling is justified and these are two that I have discussed.”