Buy HDIL on correction: Sukhani

Sudarshan Sukhani, s2analytics.com is of the view that one can buy HDIL on correction.

Sukhani told CNBC-TV18, “I don’t see weakness in Housing Development Infrastructure Ltd (HDIL) but this becomes a problem. These are strong charts, even the strongest of charts eventually turnaround. Sometimes we catch them as we did with HUL and sometimes we just don’t get the turn of events. So as of now HDIL is simply giving us the sense of a strong correction. I would still be a buyer on dips, which can change as prices move.”
Housing Development and Infrastructure closed at Rs 96.25, down Rs 16.10, or 14.33%. It has touched an intraday high of Rs 114.40 and an intraday low of Rs 93.50. There were pending buy orders of 2,000 shares, with no sellers available. It was trading with volumes of 16,684,275 shares, compared to its five day average of 3,786,462 shares, an increase of 340.63%.