See lower levels in Syndicate Bank: Sukhani

See lower levels in Syndicate Bank, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "The PSU banks are cracking all over except for Punjab National Bank (PNB) perhaps and State Bank of India to some extent. Syndicate Bank has made two different bearish patterns, so there is a choice here; we have a bearish head and shoulders, we have a bearish triangle and both give the message that this is distribution and lower prices are coming."

He further added, "Yesterday it fell and cracked below the support level. Therefore, today I would expect follow-through on the downside. No matter what happens to the Nifty in the short-term and I am getting sanguine that the market is coming lower, the PSU banks are going to underperform anyway. However, any breakdown even without a rally, this is a short sell."