Go long in Wipro, says Sudarshan Sukhani

Go long in Wipro, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Wipro is a much better chart. At least some sunny spots are available on the screen. It has rallied from Rs 335-370; it’s a 10% rally. It’s now catching up with other IT stocks, which have done very well and the catch up is being done properly, which means it rallies, consolidates for a few days then rallies, which is what a good trend should be about."
He further added, "It’s now just completed a consolidation and yesterday it broke out above it. So assuming that yesterday could have been a little exceptional or an aberration even then the charts is very clearly suggesting very good momentum on the upside. All of this will depend on the Nifty, but today we will be looking to go long in Wipro. I think it’s a good chart to be on the plus side."
"I am surprised that there is a bank that is worth buying, but Kotak Mahindra Bank had a v-shaped rally. It fell 100 points and then it rallied a 100 points just as it was a straight line decline, it was a straight line advance. It’s now consolidating. After that consolidation yesterday it showed signs of breaking out. Eventually it closed within the consolidation, but the very fact that Kotak is rallying while most other banks are in deep trouble tells us that this is an outperformer and it could do something very different from what the Bank Nifty is doing."
"What happens is that then if one stock in a sector is outperforming a lot of focus comes on that and then it keeps on outperforming. We have seen how Hind Unilever went on going up inspite of being told that it’s richly valued etc.  That could happen with Kotak. So on the charts on the basis that it’s a distinct outperformer Kotak is a buying opportunity for today. There must be people on the short side. That itself could fuel a rally."