Expect upside in Raymond: Sudarshan Sukhani

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Expect upside in Raymond: Sudarshan Sukhani

Expect upside in Raymond, says Sudarshan Sukhani of s2analytics.com.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Sudarshan Sukhani See what other Experts & Brokerages are saying about Raymond See messages about Raymond

Expect upside in Raymond , says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Raymond is bottoming out. It fell from Rs 410, went all the way to Rs 300, in fact sub-Rs 300 for few rupees, that decline was a bear market of some kind, that's over now. So Raymond is in a long-term uptrend."

He further added, "We had a sharp decline. This uptrend is going to continue. So at some point and not immediately the stock is likely to cross the Rs 400 highs it made. For now yesterday's momentum was good. It crossed the Rs 350 level. We should expect more upside. I think it is a position trade as well as a buy on dips on every occasion now."

He further added, " GAIL was a very big disappointment. It was again in some kind of a bear market. From Rs 445 it went to Rs 355, that's a 25% decline, not good. That seems to be over. Now the basing patterns in GAIL are not complete. For example Raymond developed the base for two months almost, but GAIL has not done that. But yesterday it gave a significant up move."

"Since we are in an uptrend it's possible that the time required to build a base may not be available and GAIL could actually go up in a hurry. It may not. It's more of a falling knives trade, but if it goes up then it goes up all the way to Rs 445-450 again. So there is a lot of upside possible here. So traders should take this momentum buy and see if this can be converted into position trade if it continues going up."