Sudarshan Sukhani's top 5 picks for trade today

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Sudarshan Sukhani's top 5 picks for trade today

Technical Analyst, Sudarshan Sukhani of Technical Trends is bullish on Shree Renuka, Bajaj Hindustan and Siemens India. However, Sukhani has a sell call on Aban Offshore, India Infoline and Great Offshore.

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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 Shree Renuka See messages about Shree Renuka Nifty BSE | NSE 10/02/12 Are Mutual Funds betting on Nifty? Other Stocks in this news Bajaj Hindusthan | Aban Offshore | India Infoline | Great Offshore | Oriental Bank of Commerce | Bank Of Baroda | Allahabad Bank | National Aluminium Company |

Technical Analyst, Sudarshan Sukhani of Technical Trends is bullish on Shree Renuka , Bajaj Hindusthan and Siemens India .

However, Sukhani has a sell call on Aban Offshore , India Infoline and Great Offshore . 

Here is a verbatim transcript of the exclusive interview with Sudarshan Sukhani's on CNBC-TV18. Also watch the accompanying video.

On Aban Offshore

The stock is headed lower. The bottom is falling out of that stock and the rally that we saw was clearly a bear market rally rather than anything genuine and it's now on the verge of a significant breakdown. So assuming the markets give a little push on the downside Aban is a short selling candidate.

On Great Offshore

This stock has been falling for a few days but that decline is not stopping. That tells us that there is much more downside left. It has broken almost all support levels. Yesterday it fell, today with the new settlement, with lot of other things happening, with oil itself subdued, that is the stock that you want to look to sell.

The exact point of selling whether for Aban or Great offshore should be judged by the traders - you don't actually go and sell at the open. But you wait patiently for the markets to stabilize, see if there is rally in which you can sell into.

So that is the skill that the trader must use today because we are likely to see a lot of volatility but the opportunities are there.

On India Infoline

I would be bearish on this. In fact, this stock has been falling. It was in my bear list last time also. These whole groups of stocks are going to get hammered in this market correction. That process is on and chances are this is going to become worse. So as a group, brokerages is a sell and India Infoline seems to be leading that pack.

On Sugar

I see more strength in this space. I think sugar stocks are not falling; they are more in a range and not expected to go up in a correcting market like this. For example Shree Renuka or Bajaj Hindusthan are showing fair amount of relative strength. The sector itself is suggesting a consolidation rather than a decline, so any opportunity you get, even intraday opportunities you should be using a bounce or a intra day base to go and buy sugar stocks.

There is money to be made in that. I must warn that if the market goes into a waterfall decline, a freefall, then nothing is going go up. So you don't run after stocks then have a little patience and money can be made.

On Siemens

Siemens has a good chart. In a bear market or in a downtrend, it will also remain subdued but the chances are even for an intraday day if you find an opportunity to go long, Siemens is probably a good idea, so that is a stock you want to own as an investor and trade as a trader on the long side.

L&T is just the exact opposite. I don't know the reasons but the stock is telling us that much worse is going to come in terms of price declines. So that is one stock you don't want to touch at all.