Buy GMDC, says Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can buy GMDC.

Sukhani told CNBC-TV18, "Coal India is a good looking chart; we had a V-shaped reversal in it. It was at Rs 300 levels and one day it simply started going up. Ideally, I like to have charts which have some bases, some patterns and breakouts but markets don’t work on demand. Coal India’s charts are telling us that last five days have been a period of consolidation and the next move should again be upward. This also reflects a small minor bias on the long side generally."

He further added, "GMDC is a buy, it has a good chart. It did well yesterday in spite of the decline. It has also gone through a very deep correction and that correction seems to be over now. It is a little choppy but metal stocks sometimes are and minerals even more so. But with that choppiness, if the trader wants to go long, this is an opportunity for the intraday trader, also for the position trader to take a position for a few days."