Sukhani told CNBC-TV18, "ITC has weakened, now the sense is that is beginning correction that is probably one of the stocks that should contribute to a decline in the Nifty apart from the other heavyweights Reliance, ONGC but ITC's correction is tradable on the short side and the risk is low because even if it does not correct as much as we think it will, the rally is very unlikely."
He further added, "A new high for ITC is very unlikely in the next few days. So it is a relatively safe trade. Traders who want to use options can go and sell calls and collect premium on that side. That is also possible. It is a short sell for today."
" Reliance Capital has fallen a lot and then the strong rally has started. On the pre-Diwali day that rally saw a big decline, it seemed that rally is now coming to the stop and there is a significant resistance coming in between. Diwali day was just a neutral for the stock but my assumption is that the rally has failed, that stock is now likely to continue on its downside and that could mean that a new downtrend is starting. Unlike ITC, Reliance Capital could see the beginning of a new down move that is worrying."
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