Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "We have HCL Technologies on short sell side. It is not only HCL Tech, it is actually all the four major IT stocks; Tata Consultancy Services (TCS), Infosys, but HCL Tech happens to be the one which is vulnerable to a strong and sharp decline. So it is just a matter of choosing among the four. Go and sell HCL Tech. If the trade works you can even carry it forwards, otherwise close it by 3:30. Either ways there is potential here."
"On the same selling theme we have Indian Oil Corporation (IOC). IOC's charts suggest that a small rally has literally fizzled out and it is seeking much lower levels. There is a bear market here. It did not participate in anything on the upside. So it is a short sell and this is a positional short which means you can really carry it on for some days," he added. "PSU banks have been a recurrent theme for buying, not just today morning, but for many days. These banks are bottoming out and giving us patterns that suggest higher levels are coming. So Punjab National Bank (PNB) is a buying opportunity for today. It is outperforming the Nifty, outperforming the bank index, therefore buy this. Also if you want to carry this trade, you can do so, in that case buy calls or sell puts that enables you to carry it at a low risk environment."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
