Bata India a short sell: Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that Bata India is a short sell.

Sukhani told CNBC-TV18, “Bata India was an old favourite when it was going up and after it reached Rs 1,000 there was a sense that distributing has come. Short selling is never easy to do. Bata’s chart suggests that there are five-six-seven days of multiple declines and then they are intercepted by one day of a big rally and then the decline starts. That is how short selling takes place, manage risk but money is there. There was a big rally in Bata and it was fair to thing this is it, the end has come and after that rally three days ago the stock has started falling again. There is much more downside here. So, Bata India is a short sell."