Go long in GAIL, says Sudarshan Sukhani

Go long in GAIL, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "GAIL is in a trading range and the impression was that it is going down, but charts change quickly and we should adapt to whatever changes the charts tell us. Chances are that it will resolve itself by a breakout on the upside. If that is so then there is a momentum trade in GAIL."
He further added, "We want to go long in GAIL at whatever the breakout levels are and then see how much higher we can go. It is not just a day trade. Most long only ideas that we discuss should be carried forward if the markets close cheerful."
"In ITC there is more downside, there is no doubt. If the markets open higher then ITC as an index stock will postpone that downside, so there is no need to rush into selling it now. But at higher levels at any rally it should be sold. ITC has made an up sloping bearish flag that is fairly bearish. It tells us that the deep correction that has started in ITC is not coming to an end."
"In any case ITC and Hindustan Unilever are not going to be the leaders of any new rally that we see. They will probably take a backseat. So it is a short selling idea. Assuming that my prognosis of a good market today does not work out ITC is probably the first stock we should be looking to sell.