Short ITC, says Sudarshan Sukhani

Short term trader can short sell ITC, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "At Rs 180 IDFC has made new highs for this uptrend. Those new highs have come on the back of a small trading range, again an excellent chart. I have been suggesting that IDFC has completed its bear market and is now starting a new uptrend of its own. That seems to be working out."
He further added, "Some of the charts that we examine have solid patterns - rally, consolidation, small dip then a resumed rally. These are charts that we like to trade and IDFC qualifies there. Yesterday’s breakout should see follow-through. Good for intraday traders and of course if you want to build a position this is a good location to do so."
"ITC, Hindustan Unilever, all of these stocks are now beginning their corrections and that is probably one reason why the Nifty has not literally roared away, because some components of the Nifty are now pushing it back and ITC is a major component. I see more correction in ITC. That probably means also that the Nifty’s rally will be tempered."
"ITC’s trading range broke out on the downside yesterday and that was when the Nifty was up 19 points. That decline is likely to continue. This is a short-sell for short-term traders, let me qualify that. I do not think that anyone building a position on the short side should come here. But for short-term traders there is a trade for selling it."