Lookout for intraday correction and go long: Sukhani

In an interview to CNBC-TV18 technical analyst, Sudarshan Sukhani of s2analytics.com shared his reading and outlook on the market.

"Markets are going to get confused. Because the trend is still up now, I would be a buyer on sharp dips, not in the morning but whenever the market corrects 30-40 points from the intraday highs. There is an intraday trade on the long side but the bigger picture is now distributing. The chances are that eventually we will go into a deep correction that has not started yet. So, for the day trader, the trade is to go long, search for an intraday correction and go long there." Sukhani further adds, "Short-term trend is still up but this trend is going to stall in the next few days so we need to be positioned to take advantage of a decline."