Nifty will breakout of 4690-4750 range soon: Sukhani

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Nifty will breakout of 4690-4750 range soon: Sukhani

Over the last two sessions, the Indian market has witnessed lacklustre trade. Sudarshan Sukhani of s2analytics.com says, the Nifty is stuck in a very tight trading range between 4,690 on the lower end and 4,750 on the higher end.

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Excerpts from Markets Midday on CNBC-TV18 Watch the full show » ALSO READ See previous views by Sudarshan Sukhani See what other Experts & Brokerages are saying about Jain Irrigation See messages about Jain Irrigation Jain Irrigation BSE | NSE 29/05/12 Are Mutual Funds betting on Jain Irrigation? Other Stocks in this news Tata Power Company | Jindal Steel & Power | Reliance Power | Divis Laboratories | Welspun Corp | GTL | Punj Lloyd |

Over the last two sessions, the Indian market has witnessed lacklustre trade. Sudarshan Sukhani of s2analytics.com says, the Nifty is stuck in a very tight trading range between 4,690 on the lower end and 4,750 on the higher end.

According to him, the Nifty will either break on the downside or on the upside soon. Then, he says, the big trade will come.

Also read: Nifty may sink to 3800-4000, buy more in '12, says Sandeep Shah

Below is the edited transcript of his interview with CNBC-TV18's Latha Venkatesh. Also watch the accompanying video.

Q: Is the Nifty moving as per your expectations today?

A: No, it is not. Yesterday, we expected choppy markets, a correction. That came about. On Monday, we expected a rally. That came about. But everyday I suppose the markets do not have to oblige me. Today, I would have thought that after opening weak, we would have gone and started a rally. That hasn't happened.

We are stuck in a very tight trading range in the last two days between 4,690 on the lower end and 4,750 on the higher end. But this abnormal 60-point range won't last long. It will break on the downside or on the upside. That is where the big trade will come.

Q: What are the bets you think at this point in time or you shouldn't take bets on whether it will be higher or lower?

A: I did assume that it will be higher, but clearly that hasn't worked out. So, now I am not assuming anything. I am just looking at the two levels. Any of them, when it is taken out, will give us a trade.

Q: What is your call on Jain Irrigation ?

A: In the recent past, I have been upbeat on this stock. Jain Irrigation is certainly beginning a short-term uptrend. Whether this is a final low? It is for the market to decide. We do not have to worry about it. The trade way is to go long. I think you buy Jain Irrigation with a target of Rs 95-96 or even a Rs 100. It is probably one of the better momentum stocks in this market.

Q: What about Jindal Steel and Power and Tata Power ?

A: Both are sell. It is true that Tata Power is a gainer today, but the charts have been very dismal for the stock.

Jindal Steel and Power has been a consistent underperformer. Even today it is suggesting that a downside could take it to Rs 450. That is not good news for the stock. I would be a seller in it. So, for me, both stocks are on the sell side.