Stay away from India Infoline , says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "We saw how Infosys reacted to its numbers, fell but recovered a lot of the lost ground. So I would assume that Hindustan Unilever will do the same. Yesterday's decline may continue, it is not easy to say that it will end in a day but the pattern suggest that Hindustan Unilever will rally from the lows rather than keep on going down. So traders should wait patiently for this decline to be over. The signs will be when the stock closes higher for a day whether it does it today or after five days and that's the time when HUL should again be taken as a buy on dips stock."
He further added, "India Infoline saw a remarkable rally yesterday. In fact yesterday itself that rally started, at Rs 57-58 it broke out above a bullish head and shoulder pattern, which had a target of Rs 75 and on the same day it also touched Rs 75. It is not easy to trade such patterns. The pattern target of Rs 75 was completed in one day itself, yesterday. It has also reached a level of Rs 75 where significant resistance appears on the charts. So unless somebody knows something about the stock and some very specific information, I would suggest that the stock should be avoided and left alone."
