Sukhani's view on Pantaloon

Sudarshan Sukhani of s2analytics.com shares his view on Pantaloon.

Sukhani told CNBC-TV18, "Actually I would buy Pantaloon. I can’t buy it today, because after that big up move stock will normally correct and suppose it opens with a gap again today then it’s no longer in the buy zone for day traders, for short-term traders. But the very fact that this big gap has occurred, this big move on Monday has occurred tells us it’s also broken out of a trading range, it’s bounced from it’s lows. All things are going well for Pantaloon. So it’s a buy, not necessarily at the open of the market but at some kind of consolidation or some kind of a minor dip traders should go and trade because such moves can continue much longer."

He further added, "ACC maybe now bottoming out around at Rs 1,200-1,190. There is lot of support. It’s already fallen 200 points and I was bearish on it earlier. This is not exactly a buy on dips trade. We are banking on the fact that 200 points is a lot of decline for ACC. It’s standing at a technical support level, so if not anything we can see a relief rally from here and for all we know a new uptrend would continue. So for the day in spite of the fact that ACC had a good day on Monday that could continue today also. So here there is buying possible for the day."