Sell Mcleod Russel (India): Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "Mcleod Russel (India) had a big down day in April and then it spent one-and-a-half month after that sideways. It has not been able to recover from that one down day. That suggests that there is no buying pressure because one day’s decline and 35 days of trading range have not matched each other. It is now on the verge of a new breakdown. If that happens and I think it should, it is looking at Rs 280 or even Rs 270 eventually, not an intraday target, but for position trader it is a sell and wait."

At 09:49 hrs Mcleod Russel (India) was quoting at Rs 297.30, up Rs 0.40, or 0.13 percent. It has touched an intraday high of Rs 299 and an intraday low of Rs 295.
The share touched its 52-week high Rs 386.95 and 52-week low Rs 282 on 22 February, 2013 and 29 May, 2012, respectively. Currently, it is trading 23.17 percent below its 52-week high and 5.43 percent above its 52-week low. Market capitalisation stands at Rs 3,254.12 crore.