See lower levels in Idea, says Sukhani

See lower levels in Idea Cellular, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "The first stop for Idea Cellular is Rs 76-77 and the chances are that it is not going to stop. This sort of avalanche type of decline that we have seen in Idea, in Bharti, this doesn’t seem to be stemming in a day, it is not a trading range where we see two down days and two up days, this is a clear downtrend now visible on both the stocks. So levels will be broken, so eventually Rs 77 is not going to hold, chances are it will go lower."
He further added, "AP Paper - I have heard rumours in the market that things are going to happen there but I don’t trade on rumours. This is all rumours isn’t it? I understand there is a meeting and something will come out of it, it is not worth trading rumours at all. So the best suggestion is to avoid it."
"I think United Spirits will come back to Rs 450, it started from there and reached Rs 700 and the chances are it is in a trading range where the lower end Rs 450 is going to come again and come under test whether it succeeds or not is a different issue. So it is a short sell. Every rally in United Spirits is now should be sold into."