Buying opportunities is seen in HPCL and Dr Reddys Labs at current levels, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, "There are number of IT stocks that are giving basing formations, bottoming out patterns. So clearly, they are buying opportunities. First of them is Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL). But HPCL is giving us a slightly better chart. It was a decline. After a decline, we saw a trading range. That was essentially a small base."
He further added, "On Friday, HPCL broke out of that base on the upside. That's a good pattern to be in. So I would be a buyer in HPCL as well as in its associate companies, BPCL, except that HPCL as of now has a better chart."
"Similar patterns are available in Dr Reddy's. It was on a rally, there was no decline there. After a rally it has been consolidating for four-five days - that consolidation seems to be over because on Friday it began another momentum driven upmove. So Dr Reddy is a buying opportunity. There are opportunities. If the markets are choppy, we should focus on buying and selling of stocks rather than the index."
Sukhani told CNBC-TV18, "There are number of IT stocks that are giving basing formations, bottoming out patterns. So clearly, they are buying opportunities. First of them is Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL). But HPCL is giving us a slightly better chart. It was a decline. After a decline, we saw a trading range. That was essentially a small base."
He further added, "On Friday, HPCL broke out of that base on the upside. That's a good pattern to be in. So I would be a buyer in HPCL as well as in its associate companies, BPCL, except that HPCL as of now has a better chart."
"Similar patterns are available in Dr Reddy's. It was on a rally, there was no decline there. After a rally it has been consolidating for four-five days - that consolidation seems to be over because on Friday it began another momentum driven upmove. So Dr Reddy is a buying opportunity. There are opportunities. If the markets are choppy, we should focus on buying and selling of stocks rather than the index."
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