See lower levels in Cummins India: Sukhani

See lower levels in Cummins India, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Cummins India saw a very big rally, one day rally, then it built on the back of that rally. But for the last five days it’s falling again. It was already in a bear market of some kind. The rally told us maybe things have changed, but apparently they haven’t. Something is gone wrong in this stock. The upswing is over and we are looking at lower levels."
He further added, "We have been very upbeat on Mcleod Russel from the point when it was at Rs 220 and we have ridden that rally all the way to Rs 320. Now for the last two months it’s stalling and it’s also making some kind of a distribution. I think that distribution is now getting confirmed."
"It first broke below Rs 320 and once it goes below Rs 313-312 it starts a new intermediate downtrend. So the bearishness is that even if this is a deep correction, short-term traders, position traders can take advantage of the decline and certainly there is no buying opportunity. Please don’t buy on dips. This is a decline, not a dip." Disclosure: I have no holdings in the above stocks.