Sintex Industries may slip to Rs 80: LKP

Sintex Industries may slip to Rs 80, says Rakesh Gandhi of LKP.

Gandhi told CNBC-TV18, "In last week I had recommended to sell Sintex Industries based on head and shoulder formation at the level of Rs 138 looking to potential target of Rs 110 and today it is trading at that level. But the head and shoulder formation is too big last one year and the neckline was at around Rs 140."
He further added, "This head and shoulder formation was broken with good volumes. I think this formation or pattern gives a potential that stock could go up to maybe Rs 80 level also in coming days. Any pullback, any rise in the stock can be use as a shorting opportunity as long as it does not now manage to sustain above Rs 140 level."