See lower levels in IT stocks, short Bajaj Auto: Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "I am fairly bearish on all IT companies and this has nothing to do with the companies, they are the best in India. But the charts tell us much lower levels are coming. Tech Mahindra, Mindtree and HCL Technologies have already broken down significantly, Tata Consultancy Services (TCS) is on the verge of a breakdown whether it happens today or after 7 days is different. I wouldn’t buy it as a trader."TCS's trailing 12-month (TTM) EPS was at Rs 103.31 per share. (Dec, 2015). The stock's price-to-earnings (P/E) ratio was 22.50. The latest book value of the company is Rs 230.50 per share. At current value, the price-to-book value of the company was 10.08. The dividend yield of the company was 3.4 percent."It is possible that the relief rally in Bajaj Auto may see it go up but then that should be used as a short selling opportunity. There is no sense in buying two-wheelers, not even four-wheelers. For stock specific ideas it will be easier to concentrate on energy, concentrate maybe even on the private sector banks where the relief rally could come but these are just relief rallies, Bajaj Auto continues to be a short sell even in the short-term," he said.