SENSEX NIFTY
Mar 08, 2013, 10.56 AM IST | Source: CNBC-TV18

See strong resistance at 5900; buy on dips: Sukhani

Technical analyst, Sudarshan Sukhani, s2analytics.com expects Nifty to face strong resistances at 5,900 followed by 5,940 and 6,000. As is the Nifty is entering a phase a strong resistance; there could be lot of selling, he said in an interview to CNBC-TV18.

Technical analyst, Sudarshan Sukhani, s2analytics.com expects Nifty to face strong resistances at 5,900 followed by 5,940 and 6,000. As is the Nifty is entering a phase a strong resistance; there could be lot of selling, he said in an interview to CNBC-TV18.  

"The trend and the momentum are still up. We want to buy on dips rather than rush headlong in the market. Therefore, wait patiently and then the rewards will be easier."

Below is the verbatim transcript of Sukhani's interview with CNBC-TV18.

Q: Is index looking good for stronger levels after the last three days?

A: Yes, the index is looking good and we caught the uptrend right last Friday and there is more momentum. However, easy money has been made. We have seen 200 point rally and that was relentless, that was one sided. Now as we touch 5,900, there is a strong resistance at 5,900, 5,940 then 6,000. Therefore, we are entering an area of strong resistance; a lot of selling could come.

Expect Sensex at 22,000 by 2013-end: Standard Chartered

The trend and the momentum are still up but it is not going to be as easy as the last five days were. So, the point is, ideally we want to buy on dips rather than rush headlong in the market. Therefore, wait patiently and then the rewards will be easier.

See Nifty between 5700-5900 in March series: PhillipCapital

Rupee key for market rally to continue: Dipan Mehta

Q: Larsen and Toubro (L&T) has pulled back quite a bit, do you think it could do some more?

A: Yes, it seems so. L&T fell from Rs 1,660 to Rs 1,300 odd. A 20 percent decline for L&T was quite remarkable and it was one-sided. It has now made some kind of a micro double bottom. So, we have a pattern to support our upside momentum. Everything is going up for the last four-five days. In case of L&T the rally comes after a pattern. That is good. However, there is probably more upside here. I would suggest that rather than buying at the open wait patiently for those inevitable intraday consolidations and then go long. That will probably be more rewarding.

Disclosure: I have no personal holding in the stocks discussed.

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