Buy JSW Steel, GlaxoSmithKline Pharma, says Sukhani

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Buy JSW Steel, GlaxoSmithKline Pharma, says Sukhani

Buy JSW Steel and GlaxoSmithKline Pharma, says Sudarshan Sukhani, s2analytics.com.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Sudarshan Sukhani See what other Experts & Brokerages are saying about JSW Steel See messages about JSW Steel

Buy JSW Steel and GlaxoSmithKline Pharma , says Sudarshan Sukhani, s2analytics.com.

Sukhani told CNBC-TV18, "JSW Steel by itself in a small minor trading range. The fact that it's in a trading range while the broad market was falling and including yesterday when it gained that tells us that something is going on here, we don't understand and the charts are simply telling us that be on the right side and the right side here is to go long in it. So JSW Steel is a buying idea and sometime when these steel companies and especially the Jindal Steel company start rally they give impressive rallies so here is a buy, look for a very modest target because we don't know how this will work out, Rs 555 or so but it should work out."

He further added, "GlaxoSmithKline Pharmaceuticals is been a relative outperformer and one of themes that I keep on harping upon is to buy on dips. Glaxo was a classic example of that buy on dips from Rs 2,200 it went through a correction together with the broad market to all the way to Rs 1800, its coming up now and Rs 1,800 level is now giving its support and at this point yesterday it gained, its now at Rs 1,940. For an intermediate, for a position trader it seems reasonable to assume that over the next three-six months it will go and touch Rs 2,200 again, that's a reasonably supposition. We are not of course looking for that, we are looking for a day trade. Yesterday's gains, yesterday's suggestion that Rs 1,940 could be taken out today tell us that Galxo for today remains a buying opportunity although its there for the intermediate term also."

Disclosure: I have no investment is any of the stocks discussed.