Sudarshan Sukhani says to go long on Nifty today & tomorrow

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Sudarshan Sukhani says to go long on Nifty today & tomorrow

Sudarshan Sukhani of s2analytics.com spoke to CNBC-TV18 about the technical trends the market is exhibiting at mid-day. He says that going long on the Nifty remains his call and stops are 5000 levels.

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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 Petronet LNG See messages about Petronet LNG

Sudarshan Sukhani of s2analytics.com spoke to CNBC-TV18 about the technical trends the market is exhibiting at mid-day. He says that going long on the Nifty remains his call and stops are 5000 levels.

Q: Would you still encourage longs on the Nifty even at these levels?

A: Yes, in fact in the morning I had suggested going long just after the markets opened, and even at current levels that suggestion has been fairly decent. The point here is that we are in a short-term uptrend. But for swing traders or day traders, the short-term uptrend is what is watched. So at current prices, you still go long.

Either you maintain long positions or enter new longs for today and tomorrow. Your stops currently are at around 5000.

Q: How exactly would you approach the Bank Nifty then?

A: The same logic applies for the Bank Nifty. Today it's in a very narrow trading range, but that doesn't make a much of a difference. The Bank Nifty and Nifty are going in tandem; I think the Bank Nifty should also be bought into.

Now viewers must always understand that markets can do what they want. So my saying that the Bank Nifty is likely to move up has only limited impact on the market, but we have to trade what the markets are telling us, and the Bank Nifty and the Nifty are both up.

Q: Petronet LNG and Idea Cellular , any intraday trade or shorter term trade on it?

A: Petronet LNG is moving down today, but it's in a trading range. The notion is that this downtrend or trading range in Petronet somewhere around Rs 160-170 is primarily a correction after the extraordinary up move the stock saw. I would not go short on it. In fact, I would rather be patient and wait for the Rs 170 levels to be taken out on the upside and then the stock becomes a buy. Strong stocks will also take their own time to consolidate, but they should not be sold into.

Idea has a different issue. Idea has been in a sustained upmove, but now the sense is that telecom itself is going through some kind of a correction. However, like Petronet, corrections are not worth trading into. For Idea, the best approach is to step aside and wait patiently.

Q: Your view on two other buzzing stocks- Arvind and Natco Pharma ?

A: Natco, just because it's moving on upper lows, it is best avoided. The charts are not going to tell us anything at this point.

Arvind is a buy at current prices for the short-term trader. I don't know if the correction in Arvind is over, so over a longer period of time this is on a hold, but momentum in the textile stocks is currently favouring long side, and to that extent, Arvind with a target of Rs 92-93 and a tight stop loss is a buying opportunity.