Short Hexaware, Tata Chemicals: Sukhani

One can short Hexaware Technologies and Tata Chemicals, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Hexaware Technologies is a short. The stock is dismal; something is going on there which we don’t understand. What we know is that the trend is down and we should follow it."
He further added, "For the last six-seven days Hexaware was in a narrow range and that narrow range took the shape of something called a bearish pennant that comes midway in a downtrend. That’s very worrying because it tells us that while it’s not necessarily midway in that sense, what the sense is that there is a lot of downside left here. We want to go short in Hexaware. The slightest weakness in the Nifty and Hexaware should literally collapse."
"Tata Chemicals did come in our list as a short-sell earlier also. It is not going up that’s the first thing we must understand, good stocks should go up. It is facing significant resistance every time it reaches Rs 350-360 and it retreats. That retreat is now taking the shape of a downtrend, so there is more downside here. Resistance, trading range, breakdown from trading range, all the classical signs of a down move that’s likely to continue more then we imagine, so it is a short-sell."