Short Bombay Dyeing, HPCL: Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can short Bombay Dyeing and HPCL.

Sukhani told CNBC-TV18, "Bombay Dyeing has a horrible chart. Its rally has completely fizzled out. From Rs 540 it’s come down to Rs 430-435 and it’s a relentless decline. It’s not as if it was a step by step decline. The chances are that the stock is going to go all the way to Rs 400 before it finds any kind of support."

He further added, "Bombay Dyeing is a short sell. If the markets show slight signs of bearishness or choppiness this decline is going to continue. So it’s a good idea to go and sell it."

"Yesterday we had one on BPCL and these stocks keep on falling. HPCL had a setup that suggested that further declines are possible today and very likely also. There is nothing. Again like Bombay Dyeing this stock is falling relentlessly almost. I don’t know what’s going on, but the trade is a short sell and the chances are even if the Nifty were to go up this short sell would probably work out."