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Sudarshan Sukhani on December 31: Buy Piramal Enterprises, Tech Mahindra, & ICICI Bank

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The latest analysis and commentary by stock market guru Sudarshan Sukhani on what is moving the markets today. Check out his top stock recommendations.

The latest analysis and commentary by stock market guru Sudarshan Sukhani on what is moving the markets today. Check out his top stock recommendations.
He spoke at length about United Breweries, Hexware, Dr Reddys Laboratories, Mahindra and Mahindra, Bharti Infratel, HDFC Bank, Reliance Industries, Piramal Enterprises, Tech Mahindra, ICICI Bank, Bajaj Auto, Tata Motors, Ashok Leyland.
Stock specific, Sukhani said “There are a lot of midcap stocks available for buying today. The first is Piramal Enterprises; consider buying that. It is building a base and breaking out. It is not just for today, it is also positional trade. The same story applies to Tech Mahindra. It is building a base, breaking out, IT is doing rather well. So Tech Mahindra is also a buy for the day and a positional trade. The third is ICICI Bank. I think banks will eventually cross that threshold of 27,500 and move higher; that is for the Nifty Bank. However, ICICI Bank will contribute to those gains. So buy this for the short term. Primarily stay on the long side.”
Speaking about individual stock ideas, Sukhani said, “It is mainly buying; the shopping list is mainly midcaps starting with United Breweries (UBL). Apart from the end of year cheer, the stock charts are excellent. There is a small flag that is building up leading to a strong upsurge on the upside. So, that is a buying opportunity.”
“A much larger timeframe buying opportunity is Hexaware. This is a positional trade. After that big bear market and strong decline, the stock has been now building a base for almost two months. I think it is a positional trade and it is of course a trade for the day. Similar story comes in Mahindra and Mahindra (M&M). Bullish head and shoulder, a little awkward but still there, it is coming in place. It is a positional trade and it is a day trade, both,” he added.
Recommending a buy on Dr Reddys, Sukhani said, “Dr Reddys has been trading in a very narrow range for three weeks now. It should break on the upside.”
“Bharti Infratel is a short sell. Keep short sells only intraday,” he added.
Follow stock recommendations by Sudarshan Sukhani here:
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