Stay away from Cairn India, Reliance Industries: Sukhani

Stay away from Cairn India and Reliance Industries, says Sudarshan Sukhani, s2analytics.com.

Sukhani told CNBC-TV18, “Cairn India’s charts don’t suggest any positive surprises next week in terms of technical action. It is still in a downtrend and I would stay away from Cairn because I don’t think we should go and short it.”
He further added, “At some point, when it finds support around Rs 280-290 mark, it will become a buy but not now. ONGC has a much better chart, it repeatedly finds support at lower levels, and so next week if the markets are willing to go up, I would be a buyer in ONGC.”
“I am not as upbeat on Reliance as I am on the others. So I would say that Reliance is best left alone because it can go into a trading range even as the trader goes and buys today. It is far better, see the capital goods sector, metals, IT and banks, which means everything except Reliance is very attractive for long positions.”