Buy Cairn India, says Sukhani

Buy Cairn India, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Jubilant Foodworks has been a little confusing earlier because it is a momentum stock. We want to trade in it and the sense was that it is showing a distribution pattern then it rallied for a couple of days. But the rally has stopped at Rs 1,250. So that has become strong resistance for it and it has not crossed to Rs 1,350 level that it had come to earlier. So now Rs 1,250 is resistance and till that resistance is not crossed, the trade should be to go and sell it because if the correction will resume, we are going to see much lower levels here."
He further added, "I am assuming that Cairn India is probably bottoming out at some point and it is one of the few stocks that are showing signs of life perhaps something to do with the crude prices whatever. So I would assume that Cairn would continue its rally, which started a couple of days ago and gained momentum yesterday. It is a very choppy chart, that is why I am a little sort of afraid of going absolutely giving the bullish case fully but there is strong support, that support has held, there is a reason to be bullish on that chart. For today, we should be buyers here."