Short SAIL, says Sudarshan Sukhani

One can short Steel Authority of India (SAIL), says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Steel Authority of India (SAIL) is a disaster. I do not know what is going on with metals but we have been downbeat on it because of the charts and absolutely no knowledge of fundamentals. The charts are not suggesting that the decline is stopping.”
He further added, “SAIL had a small rally, which was a flag in an ongoing bear market. A flag is a bad news. It suggests that it comes normally midway. If this is midway after a 30 point decline in SAIL, I do not know what the final target is. We will not talk of long-term targets. It is a short sell. I think SAIL is a short sell in the morning, wait for 15 minutes, if the low cracks, sell it.”
At 09:34 hrs Steel Authority of India was quoting at Rs 68, down Rs 0.80, or 1.16%. It has touched an intraday high of Rs 68.65 and an intraday low of Rs 68.
The share touched its 52-week high Rs 101.75 and 52-week low Rs 67.60 on 25 April, 2012 and 05 March, 2013, respectively. Currently, it is trading 33.17% below its 52-week high and 0.59% above its 52-week low. Market capitalisation stands at Rs 28,087.57 crore.