Sell Arvind: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can sell Arvind.

Sukhani told CNBC-TV18, "Arvind is a sell now. After those lower lows and lower highs the stock literally took off. It moved from Rs 58 to Rs 80, that was a one way move. It is almost like a staircase, vertical. Such vertical moves will not last; they are going to see some pause and correction."
He further added, "At Rs 80 Arvind has strong resistance. Yesterday it found that resistance, so for people who are long, take profits. For people who are willing to go short, put a tight stop loss and may be you’ll get Rs 5-7 on the downside before it stops."
"Power Grid was doing so well. From Rs 90 it started and reached Rs 123-124 that’s almost a 40 percent gain and then it started consolidating, what I thought was consolidation. That consolidation is giving the impression of a distribution. Now you are better to tell us why power stocks are suddenly going out of control. But this is clear distribution and lower levels are coming." Disclosure: I have no holdings in the above stocks.