Buy Petronet LNG: Sudarshan Sukhani

One can buy Petronet LNG, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Petronet LNG has been a favourite but that means nothing. It has seen a very decent correction for itself, Rs 175 to Rs 154. Now it was trading in a small range at the lower end around the Rs 154 range for almost one and half months. It has broken out of that range yesterday. It is also reporting in a couple of days."

He further added, "It is always a difficult question whether we should be buying before the quarter results come or should we wait but I would say that given the strong momentum in Petronet LNG earlier this breakout is to be taken as a buying opportunity and probably is discounting of results. So I would be a buyer here today and expect a follow-through. Petronet LNG is not as much of a day trading stock as we would like, so ideally you want to carry positions here."

"Raymond seems to be topping out. A bearish descending triangle is almost on the verge of getting confirmed. That doesn’t mean that the stock itself has turned nature. It is still in a long-term uptrend but within long-term uptrend’s we can see sharp corrections. We have seen similar corrections earlier in Century Textiles, which is broadly the same kind of business and that seems to be working out in Raymond."

"So since the thrust is on buying because the trend is up, we would like to select only those stocks where there is some momentum on the downside irrespective of what Nifty does and Raymond qualifies for that."