Short Cairn India, says Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can short Cairn India.

Sukhani told CNBC-TV18, "Cairn India’s chart is very unusual. It had a smart rally from Rs 315 to Rs 370. My sense was that it is entering a new bull market and then a V-shaped decline took place, almost vertically the prices fell back all the way to Rs 315.”
He further added, “It is now cracking that significant Rs 315 support. If that happens, the downside targets are mindboggling. I do not know whether Cairn India will come to Rs 250. But the chances are of a decline starting now and continuing. So Cairn India is a short sell. Hindalco and Cairn India are both positional sells also. You can buy Puts, simply take a position and say okay, we will see how long this can continue and it could.”