Buy Exide Industries, says Sudarshan Sukhani

Buy Exide Industries, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Exide Industries has been in a sustained uptrend and a very nice uptrend, a classical chart pattern. It goes up, consolidates, breaks out and moves up again. Now it is on the verge of a new breakout on the upside. So Exide becomes a buying opportunity."
He further added, "Yesterday it saw very handsome gains while the Nifty was more or less flat and these trading ranges have actually put it at a short-term cyclical low. What we can expect is a rally which is in any case expected. After a trading range markets will go up or down. In this case the expectation is that given the internals of that range it should cross higher. So it is a very interesting buying opportunity."
"We are now looking at a lot of midcaps because the opportunities are coming in midcaps. The Nifty has been in a trading range so heavy weights and the Nifty components are likely to mimic the Nifty. Dishman Pharmaceuticals was another one of those big rallies, after that rally for the last 1.5 months it is in a small trading range. That’s a consolidation. So instead of going and correcting prices, strong stocks will simply drift sideways which is what Dishman did."
"Now it is again breaking out of a falling wedge which is a fairly bullish pattern to be in. Yesterday it saw good volumes, good price action. So I think we are now buying on the verge of a new breakout on the upside and pharma is also a good sector to be in."