Sukhani told CNBC-TV18, "I would be buying Punj Lloyd. Punj Lloyd I have explained is probably going through a very long-term bottoming out process. So rather than short sell it, the idea is to buy it at every dip on the accounts whenever there are buying setups. Today we have an appropriate setup for buying Punj Lloyd for an initial target of Rs 44. It's going to take a lot of time as it develops a base and begins a new bull market that's probably months away but in the short-term at least for the next few days which we are talking about now Punj Lloyd is a buy and it could exceed that target also."
He further added, "I would avoid M&M or actually sell it. M&M has some very dismal chart pictures. It is breaking support levels repeatedly and it's an underperformer. So either it's an avoid and there is no reason to go short on a day when the market has strong momentum and at the slightest faltering of this momentum M&M becomes a short signal and I suspect we will see Rs 640 and probably under Rs 600 eventually."
Disclosure: I do not have a personal holding in any of the stocks discussed.
