Feb 20, 2013, 09.45 AM | Source: CNBC-TV18
Buy ITC, says Sudarshan Sukhani of s2analytics.com. It is probably going to be an outperformer if the Nifty were to go up or even if the Nifty were to make an attempt to go up.
Sudarshan Sukhani (more)
Technical Analyst, s2analytics.com | Capital Expertise: Equity - Technical
Sukhani told CNBC-TV18, " ITC has a very nice chart. It had a mild correction, which is what a good stock should do and that correction is over. It is now breaking out of a small triangle, a small pattern that suggests that a consolidation has finally led to a breakout. It also appears that ITC is probably going to be an outperformer if the Nifty were to go up or even if the Nifty were to make an attempt to go up. So in either of the two cases ITC is a buying opportunity."
He further added, "For short-term traders this is the trade, but do not rush into it at the open. Always try to get a good location, because a gap up sometimes takes away some of the sheen. So take a good location, consolidation or a small dip, but expect higher levels."