May 06, 2013, 11.14 AM | Source: CNBC-TV18
According to Sudarshan Sukhani of s2analytics.com even if Cairn India takes one more day of correction today, it is a worth buying.
Sudarshan Sukhani (more)
Technical Analyst, s2analytics.com | Capital Expertise: Equity - Technical
Sukhani told CNBC-TV18, "Cairn India has bottomed out. It has made the right patterns. For two days, it has been correcting. That is good news because we want to buy stocks that are going through mild corrections, uptrending stocks. Cairn India qualifies on both counts, the trend is up, a base breakout is visible and a short brief correction may be completed. Even if it takes one more day of correction today, it is worth buying because you get better prices."
He further added, "The trend still remains intact and for that reason keep a stop loss in case something goes wrong in the market completely - always keep a stop loss - but expect higher levels from here."