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Don’t buy IndusInd Bank: Sukhani

This article was posted on Jul 8, 2009 and is filed under Stock Views

Technical Analyst, Sudarshan Sukhani is of the view that one should not buy IndusInd Bank at current level.

Sukhani told CNBC-TV18, “IndusInd Bank rallied today on the back of news; but the charts tell us that the top has been made as is likely with most banking stocks. So, I would not run and buy that stock. Maybe on a substantial correction that stock could be identified as an out performer later but certainly not now.”

He further added, “The same story with Sesa Goa, it has been drifting for the last 15-20 days after making that one day top, all time high. I would again discount the news. Unless some fundamental change has taken place but that doesn’t seem to be the case, so these are only spikes, they will eventually comeback to what the Nifty is doing.”

source: Moneycontrol

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