See lower levels in Shriram Transport Fin: Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can see lower levels in Shriram Transport Finance Corporation.

Sukhani told CNBC-TV18, "Shriram Transport Finance Corporation is a sell now. It has been a favorite but for the last month or so it is slowly sliding. That slide seems to have taken the clear pattern of lower highs and lower lows. Yesterday while the whole market was rallying, Shriram Transport actually fell. That itself shows poor relative strength."
He further added, "I think there is a theme here that a lot of the stocks, midcaps stocks are unable now to reach their earlier highs. Shriram Transport looks probably ripe for much more downside. For a short-term intraday trader, consider going short. Keep the context in mind. There is no need to go short till the Nifty shows some kind of rally and strength. However, once some stalling is seen in Nifty then the short positions are justified."
At 09:41 hrs Shriram Transport Finance Corporation was quoting at Rs 691.15, up Rs 7.45, or 1.09%. It has touched an intraday high of Rs 697.40 and an intraday low of Rs 683.75.
The share touched its 52-week high Rs 800 and 52-week low Rs 507 on 15 January, 2013 and 16 May, 2012, respectively. Currently, it is trading 13.61% below its 52-week high and 36.32% above its 52-week low. Market capitalisation stands at Rs 22,133.07 crore.