Buy Cairn India on dips, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, "Cairn India, target for today, for next couple of days is Rs 355. It's the broad structure of what Cairn is doing. Cairn is doing all the right things. It's on the verge of making lifetime highs. It's not done that but it's moving up, going up with higher highs, higher lows. Here is a stock that's in a bull market. So every time we want something to buy, Cairn is going to come in this list. It also works out, it actually moves up most of the times. So Cairn is a buy. For viewers, just keep it in your list as a buy on dips, buy on breakouts candidate."
He further added, "A lot of capital goods stocks and in that engineering stocks are not completing their bear markets. We see these small relief rallies. Sometimes they are spectacular in terms of percentage on a much lower base but that's all. There they should be considered as one day movements only. Voltas decline is not over yet. In fact Crompton Greaves has a relatively better chart. So Voltas is, I am looking at Rs 70 and for all we know, we will find out where it finally bottoms out, but much lower probably."
