Sukhani's view on Alstom Projects

Sudarshan Sukhani of s2analytics.com shares his view on Alstom Projects.

Sukhani told CNBC-TV18, "The rally we saw in M&M now appears to have been in a bearish flag, which comes midway between declines that is for the technical oriented. So if this is midway then we are looking at somewhere around Rs 500, I don’t know if that’s a good suggestion to make because charts are not good at all, yesterday it broke down, the chances are it will see some follow through and rate sensitive can in any case have volatile times today. So even if you are a day trader, selling M&M and then buying it on any of these volatility bouts could make money.”
He further added, "Alstom Projects is a good chart again, it’s gone through a very large corrections, some kind of a bear market and that is probably over. Now at Rs 340-350 it has a very strong base. So correction reaches that level and has now began a bounce on the upsides. So it closed better yesterday and chances are that that is the beginning of what is likely to be a new up move."
"Now where the up move ends we don’t know, it could still remain in a trading range but for a short term trader because it is in the F&O, because you can buy equities there is a trade on the long side, there is some money to be made hopefully on the upside. Exactly how much we’ll have to let the markets say."