Buy Sterlite Industries on dips: Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can buy Sterlite Industries on dips.

Sukhani told CNBC-TV18, "IDFC charts are very disappointing. They rally, and then there was a deep correction. When I say disappointing I really mean that there are far better financials available, so IDFC is not one of the better choices. I think rather than financials traders should focus on banks. The next rally will see banks do very impressive things."

He further added, "State Bank has the potential of being a big outperformer. So you start with State Bank then you come to Canara Bank which seems to have gone in a bear market and is now coming out of it. These are two PSU banks that are worth paying attention. Also ICICI Bank, Axis Bank, Yes Bank and IndusInd, so if somebody trades in this six banks, keeps on buying them on dips, then taking profits whenever or simply maintains the position in them. I think he would do very well far better than a bank fixed."

"I would buy the dip on Sterlite. Because Sterlite charts now appear to be the best poised for the next take off. Hindalco has rallied, the dips are not enough to justify buying and the charts also had a V-shaped rally rather than the soft base building that Sterlite is showing. So, Sterlite will be my first choice."