MTNL may rally to Rs 50, says Sukhani

Sukhani told CNBC-TV18, “We started tracking MTNL a few weeks back and it came in my buy list a couple of times. Since then it’s not an F&O stock so it’s a little less interesting but it’s moving up. The charts are excellent; this is probably now the end of the rally. I would accept the rally to go all the way to Rs 50.”

He further added, “I am not looking to liquidate long positions. I am just saying that long positions should be kept at a minimum because the markets are not giving us conviction. They could give us that message tomorrow. So I though I should explain that. Even assuming that the markets are mildly bullish as we think they are and they could become overtly bullish later tomorrow, next week. There would be some stocks where it is wise to get out and these stocks are the entire universe of infrastructure stocks. I don’t think there is any thing in infrastructure. Among the large caps I would be a little downbeat on ITC . On Hindalco , it is making a very bearish pattern, it is a pity. I own shares in that. All the metals except for Sterlite are looking downbeat."