Waiting for an opportunity to go long: Sudarshan Sukhani

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Waiting for an opportunity to go long: Sudarshan Sukhani

Sudarshan Sukhani, s2analytics.com says, he has closed all long trades yesterday. However, he says, the trade is to go long. “I am waiting for an opportunity to go long,” he adds.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Sudarshan Sukhani See what other Experts & Brokerages are saying about Rolta See messages about Rolta Rolta BSE | NSE 24/05/12 Are Mutual Funds betting on Rolta? Other Stocks in this news Indraprastha Gas | Cairn India | IRB Infrastructure Developers | Punjab National Bank | Bajaj Auto | Hindustan Unilever | India Infoline |

Yesterday, the Nifty closed at 5,360, with a 35-point gain, while the Sensex clocked a 102-point gain at 17,707. 

Sudarshan Sukhani, s2analytics.com says, he has closed all long trades yesterday. "I don't have any positions on the Nifty now," he adds.

However, he says, the trade is to go long. "I am waiting for an opportunity to go long," he adds.

Also read: Expect market to correct by Tue-Wed, says SP Tulsian

Below is the edited transcript of his interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee. Also watch the accompanying videos.

Q: What is your call on the Nifty now?

A: The long trade was closed yesterday. We had a gap up and that gap up was not being sustained. The market was pushing down, although it was still higher. So, we have closed our trades yesterday. I am waiting now for another opportunity to go long. The trade is to get long, but at this point I don't have any positions in the Nifty.

Q: What is your view on Rolta ?

A: Rolta has been an underperformer in the midcap IT segment. While a lot of stocks in the IT segment are building bases, breaking out, giving signs of say reversal patterns, Rolta is not doing that. So, atleast as a short-term trade, Rolta is a short sell. It is quite possible that trader could make some money on the downside fairly easily. In any case use a stop loss.

Q: IGL is on your sell list.

A: It has been distinctly underperforming. Underperformance in this market will be punished, whenever a mild correction starts. It's just an assumption that at some point or the other a lot of stocks will go through fair amount of pain now and IGL could be one of them. It's also sensible now to have some short positions wherever possible because my outlook is that markets may remain choppy.

Q: With the way crude is moving, are you buying Cairn as well today?

A: Cairn has been a favourite. It went through a deep correction. That was a buying opportunity. I think Cairn will outperform this broad market. It's unlikely that we will see crude at USD 50-70 per barrel again. So, whatever happens to crude in the near-term, Cairn is likely to move up. It's a buy on dip stock, we had a dip and we should buy it now.

Q: How about something like an IRB ?

A: IRB went through some disappointing chart patterns. But that seems to be behind it now. Now, at this point of time, it's one of the better infrastructure stock charts. So, rather than go to GMR, IVRCL or even LITL, Lanco, it is better to concentrate on IRB. We should look at infra whenever it corrects. This rally probably is not over. So, IRB remains a buy today for the short-term trader.