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Sep 14, 2012, 10.50 AM IST
Global cues are very positive today. In an interview to CNBC-TV18, Sudarshan Sukhani, s2analytics.com says the market is going to open 100 points up. "There is no trade today," he adds.
Global cues are very positive today. In an interview to CNBC-TV18, Sudarshan Sukhani, s2analytics.com says the market is going to open 100 points up. "There is no trade today. You don’t go and chase it now. If you have long positions, this is an excellent time to close all positions. But today is not a good day to enter any kind of position," he adds.
Below is the edited transcript of his interview with Udayan Mukherjee and Sonia Shenoy.
Q: What is your call on the Nifty now?
A: Yesterday, in the morning and in the afternoon, we suggested you to take some positions in the Nifty. If there is a gap, we will get an advantage. So, yesterday was the day when trade should have been taken.
There is no trade today. The market is going to open 100 points up. You don’t go and chase it now. If you have long positions, this is an excellent time to close all positions including the position trades that we had taken and that will do during the day. So, it is a time to pause.
People, who are on the right side of the market, enjoy themselves. Those, who have missed the bus for some reason, wait patiently. The market is not running away, these opportunities keep on coming. But today is not a good day to enter any kind of position.
Q: Why are you long on ICICI Bank ?
A: It is a much better stock to be in. Banks are just breaking out of a trading range. When I say today is not a good trading day, we were talking about the Nifty. The charts suggest that the Bank Nifty is going to play catch up. So, the entire focus should be on the banking sector, PSU banks and private banks and the Bank Nifty.
If at all the market is to go up from here and it should and it could, the Bank Nifty has to do something now. So, I would say go and buy ICICI Bank. If you carry this position home, it is probably a good idea.
Q: What support are you expecting from some heavy weights like TCS today?
A: It is anybody’s guess where TCS is going to open. But I would expect Rs 1,400 now to act as support for TCS. It is crossing that hurdle. That means that we are looking at Rs 1,440-1,450. After such stunning gap ups trading becomes a little difficult. So, the idea is if you find a consolidation intraday, take it for TCS and then carry the position next week for Monday or Tuesday.
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