New Delhi: Technical Analyst, Sudarshan is of the view that investors must buy heavyweight stocks on declines.
"The heavyweights themselves have contributed to this turnaround. So to that extent in the short-term all of them are downside but if one is looking at a medium-term perspective they have not broken support levels neither ONGC nor Reliance Industries or State Bank of India," said Sukhani to CNBC-TV18.
"So on an intermediate timeframe, which is what investors should be seeing, a decline should bring them to support where a lot of buying should take place, and investors must buy," he added.
>IPCL among major gainer
IPCL is among major gainer on the Nifty. At 1150 hrs IST , the share is quoting at Rs 248.90 up Rs 10.30, or 4.32 per cent.
It has touched an intraday high of Rs 249 and an intraday low of Rs 228.
It is trading with volumes of 9,44,071 shares. On Thursday, the share closed down 11.40 per cent or Rs 30.70 at Rs 238.60.
>TV Today puts on good show
At 1155 hrs IST, TV Today Network was quoted at Rs 91.65, up Rs 4.70, or 5.41 per cent.
It touched an intraday high of Rs 94.60 and an intraday low of Rs 87.05.
It was seen trading with volumes of 19,025 shares. On Thursday the share closed down 11.99 per cent or Rs 11.85 at Rs 86.95.
>Bombay Dyeing spurts up 6.11 per cent
Buy Bombay Dyeing on decline. Technical Analyst, Sudarshan Sukhani is of the view that one should buy Bombay Dyeing and Manufacturing on every dip.
Sukhani told CNBC-TV18, "Bombay Dyeing has been a favourite for a longtime. Every dip in Bombay Dyeing is a buying opportunity. I am not so upbeat on Hindustan Motors, when it was Rs 60 I thought it would come to Rs 45."
"I did not think it will come so quickly and it is here now. So for those who are looking for support there is support at current price levels. But between the two, Bombay Dyeing is a far better opportunity," he added.
At 1150 hrs IST, Bombay Dyeing and Manufacturing was quoted at Rs 872.90, up Rs 50.30, or 6.11 per cent.
It touched an intraday high of Rs 902 and an intraday low of Rs 796.10.
It was seen trading with volumes of 6,84,523 shares. On Thursday the share closed down 13.59 per cent or Rs 129.40 at Rs 822.60.
>Hindalco Ind top gainer on the Sensex
Hindalco is the top gainer on the Sensex. At 1135 hrs IST, the share was quoted at Rs 198, up Rs 6.05, or 3.15 per cent.
It touched an intraday high of Rs 204.90 and an intraday low of Rs 186.50.
It was seen trading with volumes of 15,89,512 shares. On Thursday the share closed down 11.97 per cent or Rs 26.10 at Rs 191.95.
>Reliance Infra locked at five per cent lower circuit.
Relience locked at five per cent lower circuit. At 1202 hrs IST, the share was quoted at Rs 815.05, down Rs 42.85.
It touched an intraday high of Rs 888 and an intraday low of Rs 815.05.
There were pending sell orders of 6,137 shares, with no buyers available.
It was seen trading with volumes of 1,17,230 shares. On Thursday the share closed down 4.99 per cent or Rs 45.10 at Rs 857.90.
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