Crompton Greaves, Godrej Ind may slip further: Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that Crompton Greaves, Godrej Industries may slip further.

Sukhani told CNBC-TV18, "Crompton Greaves is making new lows and it is not good news. It cracks from its closing price of Rs 115-116, starts making those new lows. So Crompton Greaves is giving the impression that this is not going to stop so soon. We are probably going to see it crack Rs 100 and going to double digits." He further added, "Godrej Industries gave all the signs of becoming another Bata. But at least for now it’s not doing that. It made a descending triangle, broken down from there and that tells us that there is much more downside here before it stops falling. So Godrej Industries is also a stock that most people are on the long side so once they get trapped the short sellers can probably have a much better time. So at Rs 242 it’s on the verge of another decline. Godrej has a modest target of Rs 230 on the downside but that also may not hold. A lot of the fast moving consumer goods (FMCG) stocks are now turning around."