Short Reliance Power, says Sudarshan Sukhani

Short Reliance Power, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Reliance Power has done all the wrong things. It found strong support at Rs 88 and that support held for almost three months and it has broken down yesterday and then it was already making a pattern of lower highs consistently. So strong support, lower highs, support breaks down, you go and sell short, I am assuming there will be follow-through today and certainly follow-through over the next few days."

He further added, "There is a message that midcap stocks have turned around. I have been talking about it for some time now. This turnaround on the downside cannot be stemmed or arrested with one day of a rally. They have to complete their patterns on the downside then they have to start building bases, this is a long process. So with every passing day, I am not comfortable with the idea that the market is going up, midcaps are telling us otherwise."