Go long in Shriram Transport: Sukhani

Go long in Shriram Transport, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Reliance Infrastructure is broken down. The equivalent levels for Nifty 5,050 and levels for Reliance Infrastructure were Rs 470. It is already below that and that is very worrying. I think lots of other stocks are also doing the same thing. It made a pattern of lower highs, now we have lower lows and this is the classic sign of a bear market emerging. I do not know whether that will come about but much lower levels are possible before this decline ends."
He further added, "Shriram Transport Finance Corporation was in a trading range. It crossed Rs 600 and it was bouncing and my sense was it will but did not. It came to Rs 550 and that is what trading range is all about. But eventually it did cross Rs 600 and that’s a buy signal. Now this buy signal persists and that’s the nice thing about this stock. It did not retreat, is the nice thing. We want to go long in Shriram Transport, not just today but traders should put it on the list of long only stocks, there are very few of them and this is one."
Disclosure: I have no holdings in the above stocks.