Sukhani told CNBC-TV18, "Tata Steel has been moving down from Rs 440. It has come down to Rs 407 and here it made a consolidation. That consolidation could have been simply a sign that the decline has ended and it is willing to go higher, but it did not. It actually broke down. Stocks that make consolidation patterns and should be going up, but turn around and breakdown those stocks are giving a message that there is more weakness here."
He further added, "In any case this market is now going towards very high quality. We saw how Hindustan Unilever (HUL) suddenly stopped falling and that is what is going to happen. So Tata Steel does not qualify as the very high quality stock. It is probably looking lower. Just see the context. I think there is more downside here. It is worth taking a short position."
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