SENSEX NIFTY
Jan 09, 2013, 10.42 AM IST | Source: CNBC-TV18

Buy Havells India, says Sudarshan Sukhani

Buy Havells India, says Sudarshan Sukhani of s2analytics.com. It is a very good stock, goes step by step, the downtrend is over, a sharp correction is finished. The rally has started after a process of base building.

Buy Havells India , says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Havells India has been identified when it was at Rs 480, now it is at Rs 650. What the stock is doing is it is going up slowly and steadily. Again at Rs 650 it is just willing to breakout from a trading range that means new highs for the stock; not lifetime new highs but for this uptrend."

He further added, "It is a very good stock, goes step by step, the downtrend is over, a sharp correction is finished. The rally has started after a process of base building. Yesterdays move tells us that we should be buying as a swing trader today. The big upswing that I expect can come not necessarily today but in the next few days. It is a stock we want to be in as a long candidate."

" IRB Infrastructure has completed its bear market then there was a news and it fell which was really a test of its earlier lows. When a stock starts building a base that process is very choppy. It is not easy to say that okay this is the end, this is a V shaped recovery, that doesn’t happen but the choppiness is the first sign that it is not falling, which is what happened with IRB Infrastructure."

"The second point is that when the stock starts building a base this is the point at which long-term investors come in, they want to buy at the lowest possible levels. I think the long-term investors are now coming in place and the real rally in IRB Infrastructure is now likely to start."

"Yesterday it broke out of a trading range. It is building its base and therefore will pick up strong momentum there. So sometimes intraday trades don’t work out but if the position is maintained for a couple of days that trade does well. So that’s something that traders should be careful about today because we are having narrow Nifty ranges. So intraday movements are not necessarily very appropriate but the same stock can open with a gap and give us a reward."

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