Colgate Palmolive has strong support at Rs 1230: Sukhani

Colgate Palmolive has strong support at Rs 1230, says Sudarshan Sukhani, s2analytics.com.
 
Sukhani told CNBC-TV18, “I don’t think Colgate Palmolive (India) is a long term holding. If any investors have bought it a few weeks ago I assume, wanting to make some quick amount, this is pure trading. Trading has risks so if you want the rewards - you have to take the risks with it. I don’t see any other option. My point in saying this is simply that the market should not be blamed for the ups and downs of stock prices. We take the risks and we have to accept it.”
 
He further added, “Luckily, Colgate is a far better chart than most others. A small correction from Rs 1,590 or whatever to Rs 1,250-1,230 has come about. This correction is normal, the run up was fantastic. A correction is inevitable. At Rs 1,230 the stock has strong support so whether it goes up in a hurry or not, I think it will go back to Rs 1,600 levels. When it will do that is a different point whether it does that three months later or next year - I wouldn’t know. But it will make new highs - that’s within one and a half year - that seems reasonable.”