Sell Raymond, says Sudarshan Sukhani

One can sell Raymond, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Raymond has probably made an intermediate top. It has topped out after a very decent rally and that topping pattern has broken down as it is giving way to a correction. That correction could be deeper than we imagine."

He further added, "Raymond has come in our sell list earlier also a few days ago and the reason is simple, it is falling, it has given a pattern that gives a breakdown and there is support much lower. So for the professional trader Raymond is a selling opportunity and in a choppy market as we are seeing now the sells will also make money."

"HCL Tech charts are very nice. It has got very strong support. It broke out of that support and then with the Nifty, the broad market and the CNX-IT also being subdued yesterday, it has retraced back to a support level. That is probably an ideal location to go long in a strong stock like HCL Tech."

"I would like to think that the decline is probably over and slowly starting today markets will be a little more cheerful. Suppose IT stocks collapse tomorrow, we cannot do anything about it. We just get stopped out. The trade is still to be long."