Trader's day; market may touch 4800 today: Sukhani

Sudarshan Sukhani of s2analytics.com spoke to CNBC-TV18 of where he sees the Nifty going today and gave his strategy to play the market today.

Below is the edited transcript of the interview. Also watch the accompanying video. Q: Do you expect to see more follow through after two days of a sharp move?
A: Yes, it seems so. We should end the day higher than where we were yesterday. That would also take us to 4800 which was a target for this rally to begin with. The markets when they develop momentum can go higher. So short term traders have a good positioning on the long side and they should maintain it. Q: Yesterday, the disappointment in a rising market was Idea Cellular. You still think there could be lower levels even from here?
A: I think Idea is still moving lower. At best, it will become choppy if the market sees a rally. Maybe it will fall even inside a rallying market. So initial target is Rs 75, but I suspect eventually it will land up below Rs 70. Q: You were just talking about a buy report on Lupin. Technically too that looks good to you?
A: Lupin made a new low just five days ago, along with the market. Since then, it has bounced back. So it