Short GAIL, ONGC, Reliance Industries: Sukhani

Sudarshan Sukhani, s2analytics.com advises professional traders to short GAIL, ONGC and Reliance Industries.

Sukhani told CNBC-TV18, “Shorting opportunities have been arising for the last two days as the markets went choppy, so individual stocks were identified that this is something that we can sell. That was primarily in the large banks, in the Fast Moving Consumer Goods (FMCG) sector. So it is not as if they have sprung up today. My point is that yes this market is now clearly giving signs of at least temporary weakness. I do not know how long that will continue, but certainly.”
He further added, “There are ways in which this weakness can be used by short-term traders. Sell the large private banks. Sell FMCG counters and now it seems to me that the rally in the oil and gas group is probably reaching an extreme and sells this group which is Gas Authority of India Limited (GAIL), Oil and Natural Gas Corporation (ONGC), Reliance. All short selling done as we speak comes with very high risk, because we are selling when the Nifty is 5960, so that risk must be understood and short selling should be done only by professional traders.”