Balrampur Chini Mills may test Rs 50: Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that Balrampur Chini Mills may test Rs 50.

Sukhani told CNBC-TV18, "Technically we all know that BHEL has nothing but it’s still a buying opportunity because it’s come to Rs 250 and Rs 250 is its support level not once but multiple times. It’s not necessary that a stock will simply drop off. So for the day trader or short term trader, the opportunity lies on the long side for a couple of days. When you say okay this support is likely to hold let me put a stop loss and see if I can buy if it shows any signs of strength. There is no short selling here."
He further added, "Balrampur Chini remains a sell, it’s in a very decent rally, now it appears that it’s turning around and the chances are that lower levels are coming. So it’s probably a correction in an on going uptrend but it could be a deep correction. So there is a tradable opportunity on the downside. You could expect even Rs 50 in Balrampur Chini over the next few days."