Don't see Nifty breaking down; hold long positions: Sukhani

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

Below is the verbatim transcript of an interview aired on CNBC-TV18.

Q: Any trading strategy on the index that you are employing today on expiry day?

A: It is not for the expiry day because that could be choppy but trade is there and the strategy is to still maintain a long position. Ideally now we are using February Calls to maintain that position. Calls have an in-built stop loss. The view is that the market has not come down. It has not gone up but that could easily happen in any trending market. A consolidation can last much longer than we imagine. So, till the Nifty does not give a clear sign of breakdown, we are assuming that the market trend is intact and trade should be on the longer side. That applies to the Bank Nifty also. 

Also Read: Nifty remains directionless; Feb series to be volatile

Q: We have been talking about weakening of some of the erstwhile strong stocks; IDFC fits that bill as well? 

A: It does and it is surprising because it gave the sense that it has completed its bear market. It almost doubled from its lows. Now the sense is that there is a distribution that was going on and that distribution has now been confirmed. So, IDFC is a trade today and for the next few days it is to be on the short side. In a choppy market we get these opportunities. I do not think that overall trend in IDFC has changed but the downtrend is there, which is enough for us to go and take a short position.

Q: You do not like the charts of Indian Hotels Company ?

A: It is a very shabby chart. If there was a rally and that rally was then slipped via decline and that decline has led to a significant collapse of the support levels. So, it is not only a day trade for shorting, it is also a position trade.

Disclosure: I have no holdings or interest in the stocks discussed.

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