Technical analyst, Sudarshan Sukhani of s2analytics.com spoke with Latha Venkatesh and Sonia Shenoy of CNBC-TV18. He shared his reading and outlook on the market and also gave recommendations on various stocks.
Below is the transcript of Sudarshan Sukhani's interview with Latha Venkatesh & Sonia Shenoy on CNBC-TV18.
Latha: We had this record yesterday, the nice round figure of 9,000 touched for a bit. Can we set any records today, fresh all time highs or is there a sense of profit taking?
A: It is nice to see the market make all time highs even if for a few moments. Now at 9,000 -- this is not a place where the Nifty has come for the first time. It was almost there a few days ago, a couple of weeks ago. So it is now revisiting this area. When a market in an uptrend revisits a resistance level that is not to turn around; you do not rally all the way to 9,000 just to go back to 8,500 or whatever. You rally because the market is poised for a breakout.
This market will breakout above 9,000. I cannot tell you the timings, it is possible that we can become choppy for a few days, many days but I do not think so. After a sense of choppiness or pause we will cross this threshold rather decisively.
Sonia: If someone is sitting on profits in good quality names, is it a good time to book some profits and take some money off the table or given the trend that we are in should you just stay invested?
A: If you are a short-term trader, rallies such as these are very good to take profits. There is no sense in over-staying. Ideally, you take profits in part of your positions and the rest you carry with you assuming that the Nifty target of 9,300 is visible. So part profits should be taken. We have had some very good days. However for an investor, this is the beginning of a bull market. I do not think the question of profits come at all.
Sonia: Big day for us, 30,000 on the Sensex. Not too many of us would have thought that we could get to see this so early in this year. But nevertheless, big moves coming in and you have been keeping the faith in this market for so long it is something that you have been telling traders for a long time now.
A: Market is in an uptrend. If you are a very short-term trader, this is a golden opportunity to take some money off the table, take profits. If you have anything more than a one day or two days view then stay Put. We had talked about the pattern target of 9,300 that target is intact, it will take some time to come, it won’t come in a day or two.
Latha: How do you play today itself? Take away your long positions right away?
A: There is no rush. I think this market after that initial decline which we are now seeing should again rally back. So there is no rush somewhere in the day some positions should be taken off.
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