Sesa Goa may slip below Rs 165, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, "Technically Sesa Goa is very weak. We had this rally from 5100- 5200 whatever and Sesa Goa did not participate. The relative strength was weak even going up and now on the downside its going to be a sort of leading indicator of the decline, it is a pity because I remember Sesa Goa at Rs 400 and we were all upbeat but that is the way the markets behave. At Rs 165 an immediate target on the downside is available that was the previous low but I suspect even Rs 165 should not hold eventually."
He further added, "HUL is giving almost clear signs that at Rs 400 its exhausted, it doesnt have the potential to go up, so there is a correction on the downside. But the correction on the downside in a falling bear environment is a tradable opportunity, so its a sell. I think HUL will come down eventually maybe to Rs 330-340 from where it can begin another rally that gives us a lot of margin on the downside. HUL is a sell now, its not just for today its for some time."