Nifty has been holding around 5,400 levels, Sudarshan Sukhani of s2analytics.com expects February series to close at month's high. "My expectations are that we will go up from wherever we are now, we will go higher from 5,430, which was yesterday's close," Sukhani told CNBC-TV18.
Nifty has been holding around 5,400 levels, Sudarshan Sukhani of s2analytics.com expects February series to close at month's high. "My expectations are that we will go up from wherever we are now, we will go higher from 5,430, which was yesterday’s close," Sukhani told CNBC-TV18.
Below is the edited transcript of Sukhani’s interview with Udayan Mukherjee and Mitali Mukhrejee of CNBC-TV18. Also watch the accompanying video.
Q: As a positional trader, how would you want to close the series up on the Nifty?
A: I am assuming the series will close at the highs of the month. My expectations are that we will go up from wherever we are now, we will go higher from 5,430, which was yesterday’s close.
Q: DLF is on your buy list?
A: DLF fell on Monday and that gave a suggestion that it is going through a correction. But yesterday, it revived quite quickly, so the decline was only a minor dip in an ongoing uptrend. That tells us that, there is significantly more upside left. Yesterday, it also confirmed a fairly bullish pattern. Some of these stocks are doing these flip-flops.
They give an impression of a correction, then they say no that was just a minor dip which is what DLF has done. That tells us that, there is much more upside here. For day traders today is a good day. It is going to break a lot of resistance levels. For position traders, DLF is a buying opportunity. Wait patiently. Look for Rs 270 or 280. You need to trade in either March options or March futures.
Q: You have picked M&M from auto space. Is it there on your buy list?
A: Yes, because we have discussed Tata Motors repeatedly. Buying is there, but there is also a sense that perhaps at some point the trend will be exhausted. A far better option is M&M. M&M hasn’t really participated in the auto rally, but that doesn’t mean much.
It is building a base that has lasted for three months now. Whenever it comes out of that, it is going to do much better than other auto stocks. There are two ways to trade it. The first way is, it is giving impressions of an eminent breakout. It doesn’t have to happen today.
M&M has come in my buy list earlier also. It is doing the right things, but has not actually moved up. But the charts tell us it will move up, so the ideal way is you take these day trades, if it doesn’t work out again enter tomorrow or take a position in M&M and wait patiently and it should work out very well.
Disclosure: I have no personal holding in any of the stocks discussed.
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Economy turning for sure but cant say for mkts: DSP