Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "Oil and Natural Gas Corporation (ONGC) has been a very weak stock. It is an index heavyweight; it is at its lows. The chances are stocks that remain at their lows continue to drift by the market lows. So, ONGC qualifies as a short selling idea. In fact on this principle there are so many index heavyweights that qualify as short selling ideas today, plenty of them but we are just selecting a few."
He further added, "HDFC - again an index heavyweight trading at its lows today, making a fairly bearish head and shoulder on a larger timeframe; that tells us this is not holding out and that is what is giving the Nifty its weakness. A lot of bluechips are suggesting there is more downside coming not just today for many more days." "Short sell Hindustan Zinc. It did not participate in the metal surge that we saw in many other metal stocks. It was an underperformer and that underperformance will probably become more pronounced."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!
