See more declines in Kotak Mahindra Bank, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "Kotak Mahindra Bank had a very good chart and it still has but yesterday the big decline in stock tells us that the uptrend for now has gone and given way to a correction. Some of the corrections that we are going to see are tradable in the sense that the declines are enough for traders to take a short position and that appears to be the case with Kotak Bank. So in Kotak here I would assume that there will be further declines, more on the downside till it reaches some kind of a target maybe Rs 560 maybe even lower than that."
He further added, "HDIL had a dream run on the upside, nice base, rallies which were interrupted by some consolidations and that is over. Now, a minor distribution pattern is clearly visible. So the decline in HDIL is not just a small one which will stop at current levels, there is more and the uptrend is going to be corrected with a fair amount of deepness. So, HDIL is a short sell for today and again probably for the next few days."
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