Buy Indraprastha Gas, says Sudarshan Sukhani of s2analytics.com. It seems to have completed a correction and a consolidation. It now is coming out of Rs 270 barrier and the resistance seems to have been taken out.
Sukhani told CNBC-TV18, "We are looking at midcaps and Indraprastha Gas seems to have completed a correction and a consolidation. It now is coming out of Rs 270 barrier; Rs 270 was a price barrier for this stock and that price barrier has been broken and the resistance seems to have been taken out. So, when we look at midcaps, we see stocks that are ready and have an imminent breakout or imminent upmove in the coming week. IGL qualifies on that accounts. So, that is a buying opportunity."
He further added, "Since the market is in a short-term uptrend the thrust should be on buying and the second stock that one should look at is Apollo Tyres. It is another midcap stock, which has completed a very long consolidation. It use to go up and come down and simply remain in tight range. That range is breaking on the upside. So, once a range breakout takes place and that also large range breakout then the stock starts rallying and sometimes takes wings. I do not know whether it will take wing this week but the point is it is good to be in the stock. It is going to hopefully see a strong rally."
"We have an old favourite, which has come back into news now at least come back into our charts and that is Tata Global Beverage, which had a deep correction, it almost fell like a bear market. That is over. It is a blue chip stock, a wonderful midcap, it is completing its correction, building a base, and it has made a bullish head and shoulder pattern. It has broken out of that. When a stock breaks out of a bullish pattern it suggests that a new upmove is coming, not just for small rallies but probably a sustained upmove."
"Steel Authority of India (SAIL) is a short sell idea. It seems to be weakening day by day. It is making new lows. So, SAIL is a sell irrespective of where the market goes."