As the Nifty tested 4,700 levels for the fourth time, I would continue with positional shorts, elucidated Sudarshan Sukhani of S2analytics.com. Moreover, he also feels the Nifty might break further below the 4,640 levels. "The market's momentum on downside looks very strong and it is very close to being breached probably today or tomorrow," he added.
According to Sukhani, the IT space is a safe haven right now as the sector might do exceptionally well when the market turns around. He suggested going long on both Wipro (Wipro would be his first preference) and TCS.
Shifting his focus to a lot of the banking space, Sukhani has a bearish call on Union Bank. He further saw some major bearish patterns developing in Reliance Infra and suggested a short-term trade for a couple of days. Talking about Jain Irrigation, he advised a sell on every rally for the stock. Here is the edited transcript of his interview to CNBC-TV18. Also watch the accompanying videos. Q: No levels seem to be sacrosanct, but you mentioned about this 4,640 level yesterday. How soon you see that getting taken out?
A: It could happen today. We are all assuming that after three days, the market can
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