Hold Escorts: Sudarshan Sukhani

Hold Escorts, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Technically Escorts was already giving a buy signal and yesterday it confirmed that with strong momentum on the upside. I have equity positions is Escorts but it’s again that reversal pattern is a bullish head and shoulder pattern. Stocks that move up with a reversal pattern tell us that it’s not a 1-2 day move, it’s not momentum driven, there is something bigger going on here. So for Escorts also I think there should be follow through on the rally that we saw yesterday. Apart from that it’s worthwhile holding on to it."
He further added, "India Cement is a very weak looking chart. The rally in India Cement is probably over. It went through a large trading range that apparently is a distribution pattern and I would expect it to go much lower. Infact while this market is not giving any trades but assuming that somebody wanted to look at a relatively safe trade you go long in Ambuja and go short in India Cement." Disclosure: I have personal holding in Escorts.