BHEL may see further downside, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, " BHEL , at Rs 200 also I thought it is a good time and see what happened. It has come to Rs 180. I did not say it but I thought Bharat Heavy Electricals Limited (BHEL) at Rs 200, wow! Market does not care for all this. It is not a good time. There are no signs that the decline has been exhausted."
He further added, "All we have seen is that BHEL has stabilized in the last one hour, one hour versus one year, it is not enough. I would not make a case for going short in BHEL, although chances are that we could see much lower levels. But at current levels it is not a good idea to go sell. You should sell only if the stock goes up and then falters. BHEL is not a buying opportunity for sure."
Sukhani told CNBC-TV18, " BHEL , at Rs 200 also I thought it is a good time and see what happened. It has come to Rs 180. I did not say it but I thought Bharat Heavy Electricals Limited (BHEL) at Rs 200, wow! Market does not care for all this. It is not a good time. There are no signs that the decline has been exhausted."
He further added, "All we have seen is that BHEL has stabilized in the last one hour, one hour versus one year, it is not enough. I would not make a case for going short in BHEL, although chances are that we could see much lower levels. But at current levels it is not a good idea to go sell. You should sell only if the stock goes up and then falters. BHEL is not a buying opportunity for sure."
Disclosure: I have positional shorts in the Nifty and I have just taken a long position for an intraday trade.
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