See declines in CESC: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com feels that one can see bigger declines in CESC.

Sukhani told CNBC-TV18, "CESC charts are horrible and that is not saying much, because a lot of midcap charts are there in the same category. My worry is that after big declines the horrible nature of the charts has now emerged. It is difficult to imagine what is going to come ahead. Bigger declines are coming in CESC.”
He further added, “It is now on the verge of breaking down from all kind of support levels. If this trade works out and if we try it again tomorrow or day after it should become a positional trade on the short side."
At 09:19 hrs CESC was quoting at Rs 294, up Rs 0.05, or 0.02%. It has touched an intraday high of Rs 300.00 and an intraday low of Rs 292.80.
The share touched its 52-week high Rs 345.50 and 52-week low Rs 261.90 on 23 October, 2012 and 25 April, 2012, respectively. Currently, it is trading 14.91% below its 52-week high and 12.26% above its 52-week low. Market capitalisation stands at Rs 3,704.40 crore. Disclosure: No holdings in the stock discussed.