Short HPCL, says Sudarshan Sukhani

Short HPCL , says Sudarshan Sukhani of s2analytics.com. Sukhani told CNBC-TV18, "I am not upbeat on Hindustan Petroleum Corporation (HPCL). We have to divide this, actually there was traction in Reliance Industries and Oil and Natural Gas Corporation (ONGC) and the marketing companies are not really big deals. We had a sell on Bharat Petroleum Corporation (BPCL) earlier and the same is now applying to HPCL."

He further added, "What HPCL is doing is it had a very small rally after a very big decline, these rallies are bear market rallies. The Nifty went up so HPCL had to do something about it, it was a very minor rally and that rally seems to be in the danger of fizzling out. It also faced strong resistance, so it is a short sell; in fact it is a short sell irrespective of what the Nifty does."

" Opto Circuits is a sell with some regret because the stock doesn't stop falling; it just keeps on coming down. We have been selling it from Rs 200 downward. I am assuming that at some point it will stop but till it doesn't, one or two days rally are simply bear market rallies and we should be selling in strength. The chances are it will reach Rs 90."

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