Sell PNB, SBI; buy Sun Pharma, Reliance Industries: Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "If you see the chart for Punjab National Bank (PNB), you see how that waterfall decline has happened, for a month or more than a month these stocks, not just PNB, all PSU banks were just falling and doing nothing else. This decline will end when a large base is built and we don’t know where it will be. So, PNB and most PSU banks, unfortunately, including State Bank of India (SBI) are positional short sells.""It is very difficult to say how the market will behave today after a big gap down but I would assume that the downside pressure will be intact. So, sell PNB and try to keep the positions for a longer period than just half a day," he added. "There is no doubt that Reliance Industries is breaking out of a multi-year consolidation. So, the rally that we have seen is nothing compared to what it could do in the next few years. It is buying idea for your portfolio rather than for a day trade; you must have it," he said. Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com"Sun Pharmaceutical Industries is a buy. Now, all credit has to be taken in market context today. If I am taking a swing trade, I would just say let us buy Sun Pharmaceutical today. However, for a day trader, we really need to wait for 10:00 AM to see if there is any stability in the buy stocks.""Market may continue to go down but if there is stability in the stocks for buying then you take a day trade otherwise you take a swing trade which means you carry the positions for a few days. However, for that either ways Sun Pharmaceutical qualifies," he said.