Buy Bombay Dyeing; short Bharat Forge: Sukhani

Sukhani told CNBC-TV18, “We are going to see choppy market conditions for next 4-5 days, so the ideas are probably long and short both. Bombay Dyeing has been a favored long position and after a small dip today, it is worth buying into. On the other hand we have seen stocks cracking today and Bharat Forge which was bearish anyway seems to have cracked further and confirmed the downtrend. So the trades are available on both sides.”

He further added, "Banking space, we have covered all our long positions in mid morning when we heard that the news that we were expecting would be late in coming. So there was no sense in standing in front a train that may arrive and suddenly crush us down. As a short term trader, I don’t have any long positions and I don’t plan to have them till this market goes through some kind of correction. For position traders nothing has changed. If you own PSU banks as I have suggested, then you have to accept the volatility and correction that is inevitable but that is nothing.”