Buy Arvind on dips, says Sudarshan Sukhani

Buy Arvind on dips, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Aditya Birla Nuvo in spite of the fact that it should have been doing well and this is the story. I have been talking two-three weeks now that any number of midcap stocks is giving signs of distribution and we have seen that they are all cracking down. The index has been an out performer when compared to midcap stocks. AB Nuvo which was a good stock to own and buy into, made a distribution, a bearish head and shoulder, it’s cracked down, broken below it, suggesting lower levels are ahead. It’s probably a buy once the decline is over but at this stage point we should be looking at lower levels maybe even Rs 840, maybe even Rs 800."

He further added, "Arvind has been in a buy list earlier also and still a buy and I am gratified to say in spite of all the market moves Arvind reached the target of Rs 90 which was given for it and its still there. I think it could easily go to Rs 95. It seen some good rallies, so don’t buy it now, wait patiently for that consolidation dip but go long in it."