Buy Sterlite Industries, says Sukhani

Buy Sterlite Industries, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Sterlite Industries chart looks good. Firstly it has gone through a deep correction and that correction stopped almost exactly at Rs 105, which is a significant support level. That is the point at which we thought the stock should find some support and stem its decline. That happened because nifty was better yesterday. At this point Sterlite is a buy, the stops are very tight. If yesterday’s lows are broken then clearly the trend has not changed. So with a very small risk it’s possible to get a reward, again towards Rs 120-125. It is a very good trade."
He further added, "We have been downbeat on Hexaware Technologies for a long time now. I had suggested that the trend there is giving a distribution pattern and Hexaware has fallen and yesterday it cracked its final support. So even if it rallies a bit today that would be a selling opportunity. I think the stock is going much lower, probably it will go below Rs 90. It is a disappointment but it had a very good rally and it is coming back again that is the way market is."