Buy Hexaware Technologies: Sukhani

Buy Hexaware Technologies, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Polaris Financial Technology seems to be suggesting that it’s ready for a kind of a double bottom and a rally subsequent to the confirmation. So we are buying in anticipation that it will bottom out. The anticipation is not done but here some of the midcap IT stocks have already confirmed bullish patterns and broken out. If we are right about Polaris we are buying almost at the lows. If we are wrong then there is a small stop but it’s unlikely that Polaris will make new lows. Polaris is a decent intraday trade. IT stocks should do well and it’s worth holding for position trader as well."
He further added, "Hexaware confirmed a double bottom, it broke out yesterday and that suggests that there is more headroom. The stock has significant resistance in Rs 130 area, so a rally from current levels Rs 120-130 – that’s about 10% is quite easy. Then we start reappraising this trade whether it’s willing to breakout. If it breaks out above Rs 130 then it goes into uncharted territory. So it is an attractive buying opportunity. We are buying on a breakout and maybe there is a big move here." Disclosure: I have no personal holding in the above stocks.