Buy VIP Industries, says Sudarshan Sukhani

Buy VIP Industries, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "I never thought I am going to see the day when I recommend in my list VIP Industries for a buy. But we are technical traders and therefore we are flexible. If the charts change, we have to adapt and change according to this. VIP Industries has made a bullish head and shoulder; it has broken out of it and quite convincingly. So there are higher targets here for VIP Industries."

He further added, "Two different patterns have confirmed themselves a double bottom and a head and shoulder pattern on the bullish side. Now VIP has been in a trading range for three days and yesterday it broke out mildly above that trading range. These small tight ranges when they break out tell us there is more upside that is coming and the base building I referred to already give strong support to the upmove and thrust that we can see. So VIP Industries is a momentum stock. It is a buying opportunity but as usual, understanding that the Nifty is also reaching higher levels, we must keep a stop loss."

"IRB Infrastructure has been a favourite for sometime now. I have liked this among the infra stocks, the infra financing stocks and even as it went through a very sharp and deep correction, my sense was that what it is doing is actually a basing out pattern. That appeared to be well thought out and that was exactly what happened when IRB after a correction began a sustained upmove."

"For the last ten days, it has been moving in a trading range assuming that the markets remain cheerful, a breakout from the range should take this to new higher levels and therefore IRB is a stock that we want to go and buy into."