CESC has target of Rs 295-292: Sukhani

CESC has target of Rs 295-292, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "CESC fell down with a gap when it said it is doing an acquisition. That was a large gap. After it fell down and that gap was eventually partially filled because of a sharp short covering rally, it could not be filled properly and the stock has turned down again. So the market is saying okay, the rally we saw subsequent to the news was just a bear market rally and the original trend of that gap down persists."
He further added, "It has also broken down from a small trading range, which is why we say okay, this stock is not going up. Eventually, I think CESC will go back all the way to Rs 280 but an immediate target would be Rs 295-292 and maybe it could go even lower."
"JSW Energy is a nice share to hold. It is exactly the mirror image of CESC or even Opto Circuits. What it is doing is that, it went up, it rallied and then it came down and found support just as Opto Circuits and CESC found resistance on the rally. On a decline, JSW Energy has found strong support at that Rs 64-65 level where previous significant support existed."
"I think there is some big strong momentum developing here. So position traders would be well advised to take a position here and of course day traders, swing traders for a couple of days should look to buy it today and on the upside if you get strong moves today then carry it home." Disclosure: I have no holdings in the above stocks.