Sell OBC, says Sudarshan Sukhani

Sell Oriental Bank of Commerce (OBC), says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "There was a big run in Oriental Bank of Commerce (OBC) and I thought this is it, even then I was not upbeat and now for the last two days it is sliding slowly. I am assuming that this slide will now accentuate, it will become much more on the downside. One day of a rally is not enough after the big bear market in OBC; public sector banks have not bottomed out, so OBC is a perfect candidate to sell."
He further added, "Coal India has made a visible distribution pattern; it’s breaking down from it. I do not think that  the stock is going into a bear market but it is suggesting that a deep correction is likely, so it’s a good news for investors."
"For traders there is a trading opportunity on the short side. If one waits patiently then the targets are Rs 320-325. The targets for day traders are much shallower but they are on the downside. Coal India is coming down and that is very visible on the charts." Disclosure: I have no personal holding in the above stocks.