See lower levels in Reliance Capital: Sukhani

Sudarshan Sukhani of s2analytics.com feels that Reliance Capital will slip further.

Sukhani told CNBC-TV18, "Reliance Capital made bearish head and shoulder pattern and then cracked. A lot of stocks declined on their own yesterday but the crack was there on support levels even before yesterday and the confirmation of a bearish pattern had come in. There is a sense that at least for the time being high beta stocks are now out of favour and Reliance Capital is a high beta stock, confirmed by a bearish pattern, so one will see follow-through on the downside. If there is a gap up then wait patiently and one can sell at a higher price.”
He further added, "United Spirit has been falling for five days; a small support level has already broken and lot of stocks have reacted badly to their numbers. But the reaction of numbers in this case will be rather on the downside which is why we are anticipating this and taking a short position." Disclosure: I have no holdings in the above stocks.