In an interview to CNBC-TV18, Sudarshan Sukhani, s2analytics.com gives his stock ideas for today.
Stocks in news: SpiceJet, Wipro, Alstom India, Hind Copper
Below is the edited transcript of his interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee.
Q: You have got a sell out on Crompton Greaves today. What kind of price levels do you see there?
A: It is a very disappointing chart. After that big decline, Crompton Greaves actually made a bearish pattern and is now breaking down below it. It is going to go below Rs 100 and maybe lower. It is amazing how some of these stocks including Voltas have done. They gave the impression that their bear markets are over and now we are back again.
Q: Why are you buying Asian Paints ?
A: Asian Paints is a buy on dips strategy. It has gone through a very deep correction. If the Nifty is going to remain cheerful, the Nifty need not go up, if it remains where it is, bounces up a little then Asian Paints has been an outperformer and that outperformance should reflect.
A buy on dips is always a low-risk strategy because our stops are very close by. If this is not working out, you get stopped out. But if it is working out then we enter almost at the beginning of a new upmove. For Asian Paints, it is a worthwhile strategy because it has been an outperformer. This could continue for a long time.
Q: Zee Entertainment had a big rally and then sort of cooled off for a bit. Do you think it is showing signs of breaking out again?
A: Breakout is a little away, but it is showing signs of developing a bullish pattern. It had a strong rally and a correction, that correction is now converting itself into a bullish outlook. That tells us that this is a buy on dips idea. That should be normal, because most stocks have corrected with the Nifty. But this stock is finding support.
It is worthwhile taking a risk, with the fact that a bullish pattern could eventually lead it to new highs. We look at Zee for today. If it works out today, the idea should be to continue with Zee because then it is promising much higher levels. It becomes a position trade.
Q: You are selling PTC India ?
A: PTC is a very awkward looking chart. I am not sure what it does. It probably trades power but why it keeps on falling is mystery. So it is a short sell. The chances are that a short seller has low risk on the downside and probably some reward.
If one wants to look at a short idea, this is as good as it comes. There is hardly any upmove here. We need not take a big risk because if it falls, it falls 5 to 7 or even 10 percent.
More to come.
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