Hindalco, JP Associates may decline further: Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that Hindalco, Jaiprakash Associates may decline further.

Sukhani told CNBC-TV18, "Hindalco is one of the blue chips and it just doesn’t stop falling. I do not think its going to stop here. The chances are eventually it will go and crack Rs 100 whenever this downtrend of bear market ends. But an immediate target is Rs 105 but the trade here is to sell it, there is nothing to buy." He further added, "There is no sign that Jaiprakash Associates is forming a bottom but there is a trade on the long side in it and after a decent decline this stock is apparently deeply oversold now. There was a sharp decline, some kind of a waterfall decline for the last four-five days and it’s come to a level from which it bounced back on Friday and chances are this bounce back could continue. So the trade is on the long side only for a couple of days. Look for a target of Rs 66-67. But Jaiprakash Associates is prone to sharp bounces so maybe one can get advantage of that on plus side today."