SENSEX NIFTY
Jan 10, 2013, 10.28 AM IST | Source: CNBC-TV18

Buy Mahindra and Mahindra, says Sukhani

Buy Mahindra and Mahindra (M&M), says Sudarshan Sukhani of s2analytics.com.

Buy Mahindra and Mahindra (M&M), says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "In all fairness Mahindra and Mahindra (M&M) is now reaching Rs 1,000. It has broken out yesterday, thanks to the decline in the Nifty in the afternoon. M&M retraced back, but that retracement could just be a random move. The breakout probably appears to be much better placed."

He further added, "We want to trade stocks that are moving to new highs. M&M qualifies for that. It showed strong momentum, good follow-through except for that last one hour decline, so M&M is a buying opportunity. Auto sector in general is roaring. We are not seeing any topping patterns, there is more there."

"We have been tracking Housing Development and Infrastructure (HDIL) since Rs 70. It has been doing the right things. Sometimes stocks will correct. It is no big deal. It was in a small trading range, broke out again. Just like autos real estate has not completed its bull market. It has not completed its uptrend."

"The charts do not suggest any topping patterns, any signs of decline. We could detect these signs in Fast Moving Consumer Goods (FMCG), so we said okay ITC , Hindustan Unilever (HUL) are not good opportunities, that was a month ago, but those signs have not come yet or rather they may come whenever they want. So real estate continues to be a buying opportunity. I would say that for people who track real estate stocks, not just this one, you can buy whatever you want. The trade is still to be long. The trend is very clearly up."

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