Technical Analyst, Sudarshan Sukhani advises trader to avoid textile sector as there is no possibility of making any money.
Sukhani told CNBC-TV18, "There is no strength remaining but the fact remains that the entire textile sector is apparently in the want of a better world, it’s oversold, so at least there is a possibility of a bounce, quite often. A sector that gets beaten down, bounces up and then builds a base and that leads to a substantial break out. So at these points, the textile’s sector is in a position where they could begin building up a base, but for an investor, the risk is low and you would actually go and buy something in the hope of some big move later on, for traders there is no possibility of making any money here, the stocks could keep on moving in a narrow range for weeks altogether. So traders should avoid such sectors."
Source: Moneycontrol.com
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