Sudarshan Sukhani of s2analytics.com feels that ITC could easily move up on the upside.
Sukhani told CNBC-TV18, "ITC did nothing when the market went up. It was at Rs 200 in November and then Nifty dipped all the way to 4,500 and ITC is trading in that trading range. It's still in that trading range. So it's going to do something good or something bad, I don't know which side. I am assuming eventually ITC will breakout on the upside. For the last three days it's been trading in a very narrow range. A narrow range is normally a precursor to a big move up or down. Since we are in an uptrend ITC could easily move up on the upside. So this is a trade that is being taken in anticipation."
He further added, " Alstom Projects has done all the right things. Earlier also it came in our buy list. It's building an excellent base. After the big bear market, it's going through that base building process and I think now for the last six days just like the Nifty it's in a small trading range. But while it could take its time, it's quite likely that individual stocks will take a decision to continue their up move and Alstom APIL is one of those stocks that looks ready to breakout of this trading range today, maybe tomorrow. So long positions are justified and even if they don't workout today I think it's worth waiting for the eminent breakout."
Disclosure: I have no personal holding in the above stocks.
