Short Bharat Electronics, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "Pantaloon Retail is in a downtrend. All stocks will go against and correct and react some time and Pantaloon’s reaction goes on the upside. It goes up for two days. We all get excited that this is a sign that retail is going to get FDI, but that’s not so. Yesterday it fell in a market that did very well. This decline is likely to continue, bear markets will end with a lot of pain and Pantaloon is one of them. I expect this decline to continue today and give us back to back gains on the downside."
He further added, "Bharat Electronics had a one day advance about a month ago and it rallied 10% and after that it’s been falling consistently every day. It has eventually given up all the gains of that rally, it is now making a very unusually bearish pattern that suggests that it is doing what BEML was doing for so many months and that’s very worrying. But BEL is now a short sell and the chances are it will break its earlier lows and drift below Rs 1,000."
Disclosure: I have no personal holdings in the above stocks.
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