Buy Exide Industries on dips, says Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can buy Exide Industries on dips.

Sukhani told CNBC-TV18, "I would choose DLF and I always prefer to go with the bigger names in any sector. So DLF is as big as it gets and second is HDIL. So the stocks I would look at are HDIL ,Indiabulls Real Estate and DLF for the day. DLF has made a trading range. Yesterday it did good move. Today it’s at the tipping point. It could see a follow-through and breakout because markets are expected to be choppy today. Do not rush into buy but DLF is an opportunity for the day. It will give an entry point sometime during the day."

He further added, "Exide came in our buy list before the big spike. It has made a double bottom although a small one. It has now confirmed that double bottom pattern and that tells us there is a decline in Exide has now changed to an uptrend with a very decent reversal in-between. A reversal pattern usually tells us there is much more in the way rather than just a target. So Exide now becomes a buy on every dip."

"Yesterday it had a rally but that rally is likely to sustained momentum because it is now breaking out from a resistance levels and that should be very interesting. So, Exide rather than a day trade is more of a positional trade."

Source:www.moneycontrol.com