Sun TV, Opto Circuits may see further decline: Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that Sun TV Network, Opto Circuits India may see further decline.

Sukhani told CNBC-TV18, “Sun TV Network is finishing its bear market and going to a new uptrend but that hasn’t worked out. It crashed below Rs 300 and it’s now promising much lower lows. At this point I would be short in Sun TV. It’s broken all support levels. So Rs 240 is an immediate target but the promise is that this decline immense, waterfall decline that one is seeing and should take it below Rs 200.”

He further added, “Opto Circuit had come in our shortlist earlier also. Yesterday it made new lows, just as new highs should be bought, new highs should be sold unless there is exceptional reason. This is a short sell. The chart suggests that it’s going towards double digits so probably there is money on the short side. We should see follow-through today also and probably to hold it.”