Sudarshan Sukhani of s2analytics.com is of the view that one can buy Orchid Chemicals and Jain Irrigation on dip.
Sukhani told CNBC-TV18, "Orchid Chemicals after a big decline in Rs 110-125 range has made an accumulation pattern, a bullish head and shoulder; it's broken down above it. So while the morning weakness can also reflect on Orchid and that will probably happen. The trade here is to buy it on a dip and not worry too much about what the Nifty is doing because this seems to be ripe for a decent rally.”
He further added, "Jain Irrigation first built a base and base breakouts are favourites for me because that suggests that smart money is coming in the stock. It had a decent rally, after that a flag like formation; a flag often comes about midway in an uptrend, so it broke out of that flag. I would say that a dip in Jain Irrigation represents a perfect buying opportunity. If somebody is willing to buy futures for July then do that. Day traders will get some money just for a day or two, buy Calls but go long.”
Disclosure: I have no holdings in the above stocks.
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