Buy Cairn India: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can buy Cairn India.

Sukhani told CNBC-TV18, "I would buy Cairn India. My sense is that it is building some small basis, some times it also cracks and come down and that’s just part of the base building exercise but a stock that is building a base around Rs 300 and is willing to go up and again is something I would go into. It’s been a favourite earlier also. I am long in Cairn. I would be long in Cairn India."
He further added, "We have been bearish on Opto Circuits and then eventually it started some kind of a rally. We said let’s go and buy it, maybe it is bottoming out. That doesn’t seem to be working out. The rally was apparently a relief rally and it’s now breaking down from the trend line that was supporting that relief rally. That is not very bullish; it’s bearish because the broad trend seems to be down, for some of the stocks it becomes difficult. I had thought earlier that it will go towards Rs 100 then we thought maybe not but now again that feeling comes in, that chart pattern suggests that a big decline is in the offing."