The Indian equity market is likely to correct in the upcoming days and that will provide for good opportunity to buy stocks, says Sudarshan Sukhani of s2analytics.com.
Below is the edited transcript of the interview to CNBC-TV18.
Anuj: Nifty or the bank Nifty, what is a better trade now for the November series?
A: For November it will be the Nifty not the bank Nifty. For today there is no trade which means don’t take a position today. It has been lot of momentum on the upside, we have all enjoyed ourselves for the last two weeks, markets are likely to become choppy now.
Sonia: Since we are talking about 52-week highs there are many banks that have hit that level. There is Yes Bank, there is ICICI Bank, there is Indus Ind Bank for trade tomorrow what would be on your buy list from the banking space?
A: For trade tomorrow I don’t have a list for the banks as such but if at all you wanted to trade for a few weeks I don’t know about tomorrow then Yes Bank qualifies as a buying opportunity. There is no need to rush and trade tomorrow after this kind of rally.
Sonia: You were mentioning a while back that one should not be in a hurry and go and just buy the Nifty tomorrow, so what would the most prudent strategy be either on the index or on individual stocks for tomorrow?
A: My own sense is that this uptrend is likely to continue and it is quite possible that it will keep on going and merge with the traditional pre-Budget rally. So, there are 3-4 months in this rally. If that is so then tomorrow is not a rush day, wait patiently, markets will correct.
Even if we get a 3 percent correction, we will get it. It is not as if the markets will go up relentlessly. All corrections are buying opportunities. Some times the markets go into a huddle, they just go into narrow ranges. These narrow range days when we say nothing is happening that is the time to go and buy. After back-to-back gains markets become choppy. So, as a short term trader I am sitting and waiting for these two events to happen.
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