Buy Infosys and sell BPCL , says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, "BPCL is coming down but what happened yesterday was that first it made new lows, now new lows in a bear market on a day when the Nifty went 120 points up that's not good news and while making those new lows it broke its earlier pivot low at Rs 486, closed lower than Rs 486. Here is a stock that's telling us no matter what happens I am coming down much more. The charts also are now telling us that we are looking at probably sub Rs 400 levels by the time we end this bear market. So BPCL becomes a sell and every time you can make it.
He further added, "A pattern which is very rare has just been confirmed in Infosys as it crossed Rs 2,875 and that crossing tells us that Infosys has higher levels. It's very confusing because the market itself is not showing us any signs of significant rallies but Infosys is doing that, even TCS is not giving us the same pattern. Whatever it is I follow the charts. Infosys is a buying opportunity not only as a day trader but also for somebody who intends to keep positions which is what I want to do. There is a deep stop loss for Infosys that's around Rs 2,800 that should be understood but it's probably something that I want to hold on to."
