Patni can go down substantially: Kunal Saraogi

In a chat with ET Now, Kunal Saraogi, Technical Analyst, www.equityrush.com, talks about the outlook of Patni Computers.

If you have an existing position in Patni, what would you do?

If you look at the charts overall, Patni has had a very long uptrend and it's now beginning to top out. I can see a longer term top forming here. My sense is Patni can go down very substantially from the current levels. The first resting point you could say would be Rs 440. My target now on Patni is Rs 440. That is where the stock is headed. I would look to exit the stock immediately.