In an interview to CNBC-TV18 technical analyst, Sudarshan Sukhani of s2analytics.com shared his reading and outlook on the market.
Below is an excerpt from the interview
Q: Last two days of the trading year, what is the prognosis for today, how would you approach the Nifty?
A: It is also the beginning of the new F&O settlement in January. So a lot of interesting events are combining together. I would be upbeat on the market in the short-term. We are just breaking out of a trading range. The upper resistance was 6,320. We are on the verge of taking that out. Trading range breakouts must be treated with respect. So it is not for me to say that the markets are overvalued or overbought, doesn’t matter.
My own sense is that as participants start entering the market after the holidays, we will see a rally that is going to start today and is likely to continue for the next few days at least for this week. So I am upbeat traders should be long. If they are not long today, there will be another opportunity to go long and then of course the markets do what they want.
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