McLeod Russell, BF Utilities may slip further: Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that McLeod Russel, BF Utilities may see further decline.

Sukhani told CNBC-TV18, “McLeod Russel rallied from Rs 200-330. At Rs 330 it is facing repeated resistance, we have had this sell earlier also in the stock. We were tracking this stock on the long list on the buy list all the way, now there is a sense that a distribution is going on. That tells us that this is a stock that can be sold into. It is probably a good intraday trade; you can look for picking up a few rupees here on the downside. Somebody wanting to carry a position if it is in profit can go ahead and carry it. It is probably looking at lower levels.” He further added, “BF Utilities has been one of the weakest in this entire sector. It is a short trade, but it is available for all trading entities. You can look at it as an intraday trade and if it works out then you can safely carry the position on the short side assuming that it will fall, there is more downside here.”