Avoid Coal India, says Sudarshan Sukhani

Avoid Coal India, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Coal India should have been a good chart. It has made a distribution and it is not going up. Yesterday it should have gone up but it did not. It has already broken down from distribution. This is not a good time to go short. So the message here is that you short Coal India only if you want to create a hedge of some kind to your long positions or simply avoid it till it reaches Rs 320-325 where it would become an excellent buy again."
He further added, "ICICI Bank and Axis Bank have been favourites and now I am adding HDFC Bank to that list. Axis Bank is on the verge of a breakout on the upside. The Bank Nifty has not done that. Axis Bank above Rs 1,060 moves into unchartered territory for this uptrend. I would be upbeat today. I am assuming that the banks will catch-up and also lead at least for the short-term period in the next few days."
 
Disclosure: I have no personal holding in the above stocks.