Sukhani's view on BEML, Alstom Projects

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

Sukhani told CNBC-TV18, "BEML chart suggests that after all that crunching down, all that disaster, if it is in a trading range for the last about ten days, maybe it is ready for a relief rally, maybe it is ready for a significant bounce and this needs to be bought only when it first starts showing signs of intraday strength at least. If it falls 2%, we don’t buy it. It needs to go up a little to give conviction that something is going on here on the better side, on the upside."

He further added, "Alstom Projects rallied, broke out above its resistance level and I was one of those who said this is now a buy. But it simply collapsed. Alstom is now again threatening to break below that Rs 345-340 level at which point, it starts going to new lows."

"Just as we have talked about new highs being bullish, new lows, even in a short time span, a very bearish. Rs 345 is the level below which it starts a cascading decline. This is not good news and it is not the only chart that is showing that. So either we find sudden support coming at current levels amongst all midcaps together or we are going to see these breakdowns one-by-one."