Technical analyst, Sudarshan Sukhani of s2analytics.com spoke with Latha Venkatesh and Reema Tendulkar of CNBC-TV18. He shared his reading and outlook on the market and also gave recommendations on various stocks.
Below is the transcript of the interview.
Latha: What is the advice today, continue exit or if it were to give you a dip is there even a buy opening up?
A: The advice is that be an intraday trader for the day. I don’t think there is any opportunity to carry positions but today’s trade should be, to be on the long side. If there is a dip either early morning or during the day, we should be buying. I wouldn’t carry positions because markets may remain choppy. We see there are periodical intervals when market close lower, open higher then close higher open lower and it is quite possible that we are entering into a similar phase. For today I would be a buyer.
Latha: What would be the goal post then, for at least abandoning buy positions, winding them up?
A: If the Nifty is to go below, it is just a random number but we have to focus on a number -- 8,280 then clearly this market is giving way after yesterday’s low. 10 or 20 points up and down from yesterday’s low will not be very material. So, 8,280 is a benchmark we have in mind if the Nifty slides below it intraday, we wouldn’t be buying then.
Latha: A word on Bank Nifty, is there a trade there?
A: The Bank Nifty is also a buying opportunity although that opportunity is less as compared to the Nifty in a sense, the Nifty’s bounce back could be more genuine and easier to trade. However, if at all there is a trade in the Bank Nifty we want to buy at dip.
For stock specific ideas, watch accompanying videos...
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