Buy on dips; build short position on rally: Sukhani

Technical analyst Sudarshan Sukhani of s2analytics.com says the market is not looking upbeat or bullish.

"We went back to 5,975 again that is not good news. Technically, on an intermediate term, the markets are probably looking for lower levels before this decline or correction ends on a shorter timeframe because markets work in different currents and different levels," he told CNBC-TV18 in an interview.  However, for the day he is a little more upbeat. "It is quite possible that we could see a rally that could last for a couple of days. So for today, I am a buyer on dips and a buyer on a breakout. If we do see a rally then at some point this week, I would start building short positions by buying Puts. So there are two completely different contradictory trading strategies. Sometimes that is how we have to take it," he says.