Short Orchid Chemicals: Sukhani

Short Orchid Chemicals, says Sudarshan Sukhani of technicaltrends.com.

Sukhani told CNBC-TV18, "Orchid Chemical has been in some kind of news; it declined, rallied and now on the verge of breaking a trading range. Once it breaks Rs 150 whether tomorrow or day after and I think its going to do it today then we are looking at new low in this stock."
He further added, "These are not good news stocks, for whatever reasons any rally fizzles out and immediately sharp selling comes out. In Orchid the selling seems to be eminent here. So it is a short selling idea. The technical are weak and support is breaking."
The company's trailing 12-month (TTM) EPS was at Rs 21.70 per share. (Sep, 2011). The stock's price-to-earnings (P/E) ratio was 6.91. The latest book value of the company is Rs 160.99 per share. At current value, the price-to-book value of the company was 0.93. The dividend yield of the company was 2%. Disclosure: I have no personal position in the above stock.