Buy Coal India, says Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can buy Coal India.

Sukhani told CNBC-TV18, "I had thought IVRCL was bottoming out but the market has its own wisdom. It is now threatening to break its previous lows and that’s not a good sign, that’s not a bullish sign. It’s a sign that we are expecting much lower levels in the infrastructure space and that applies to the others like GMR Infrastructure, GVK Power & Infrastructure, Lanco Infratech and the entire group. We are having IVRCL because it’s now planning to make new lows that normally see a strong momentum thrust on the downside."
He further added, "Coal India is making a bullish head and shoulder pattern and that is suggesting it may or may not go up today because the markets will do what they want but broadly Coal India is a buy. If there is an opportunity then we want to go long in it."
"As IT suggests there is more upside. We are not challenging and saying that this is enough. We saw how pharmaceutical went on going up. So also independently Coal India suggests that this is a buying opportunity, we shouldn’t ask question, just go long in it."