Go long on ONGC, stay away from Cairn India: Sukhani

Sukhani told CNBC-TV18, “ONGC is a very attractive chart for buying. So on Friday also the suggestion was that ONGC is giving signs of coming back to life after being absolutely in the dumps and there is a trade here on the long side, traders can actually go long today and take the risk of overnight positions inspite of the holiday.”

He further added, “Cairn India’s charts are not as good, it’s true that it’s rallying today but Cairn has lot of resistance levels and the overall trend for Cairn is still down. So I would stay away from that.”

 “There is nothing in Reliance Infra that suggests a buying. What we are seeing in this market is one day up one day down. While this appear and sound very good 4% up 5% down they are not actually tradable because there is no consistency in the rallies or the declines. Reliance Power is a trade but the trade is on the short side after it rallies a little more, there is no buying opportunity their either.”