Nifty has resistance at 5730-5750: Sudarshan Sukhani

The Indian market witnessed a decent rally on Thursday. In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says there is a strong resistance band in the 5,730-5,750 area.
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Oct 19, 2012, 11.22 AM | Source: CNBC-TV18

Nifty has resistance at 5730-5750: Sudarshan Sukhani

The Indian market witnessed a decent rally on Thursday. In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says there is a strong resistance band in the 5,730-5,750 area.

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Nifty has resistance at 5730-5750: Sudarshan Sukhani

The Indian market witnessed a decent rally on Thursday. In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says there is a strong resistance band in the 5,730-5,750 area.

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Sudarshan Sukhani (more)

Technical Analyst, s2analytics.com | Capital Expertise: Equity - Technical

The Indian market witnessed a decent rally on Thursday. In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says there is a strong resistance band in the 5,730-5,750 area. "The Nifty needs to cross that zone for us to say that the uptrend, which we were seeing for the last two months, has resumed and the correction is over," he adds.

Also read: Market tough to predict, focus on individual stocks, say experts

Below is the edited transcript of his interview with CNBC-TV18's Udayan Mukherjee and Sonia Shenoy.

Q: What is your call on the Nifty now?

A: Yesterday, I had suggested that if the Nifty is closing above 5,700 then aggressive traders should take a long position. We closed better than 5,700. But the interesting part is that there is a strong resistance band in the 5,730-5,750 area. It is difficult to identify a number and it’s not needed. It’s that zone.

The Nifty needs to cross that zone for us to say that the uptrend, which we were seeing for the last two months, has resumed and the correction is over. We are above 20-30 point short of that level. It would happen today and it may not happen at all. It’s strong resistance. Once 5,750 is crossed then long positions, not only by short-term traders, but also by position traders is justified on the Nifty and the Bank Nifty. We should not track the Bank Nifty for its own levels; we should follow it by using the Nifty.

Q: You are bullish on Titan Industries ?

A: Titan has been making a one way move. Its part of favoured FMCG, fast consumer goods sector, the broad area. It has done very well, a small correction was done with, it crossed the resistance levels, making new highs and those new highs continue. Buying new highs is always a difficult proposition but as we have seen many times in this market, good stocks are being rewarded by making them richer in terms of valuation and price.

Titan qualifies as a stock that’s likely to move higher. So, I think it should be a day trading as well as a swing trading opportunity. Position traders should wait for a correction whenever it occurs.

Q: You have chosen to pick up Dabur from the FMCG space?

A: I am hoping that some of the sheen that ITC already has will rub-off to Dabur, which is lowly of the three big FMCGs Hindustan Unilever , ITC and Dabur. Dabur has gone through a small correction that was essentially sideways. It does appear that it remains in favoured sector, there is more upside here.

In a choppy market or in a market that inch up, the strongest sectors will remain strong. There is no sense in buying infrastructure. There is much more sense in buying HUL, ITC, today’s pick Dabur and similar stocks.

Disclosure: I have no holdings in the stocks discussed.

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