Mkt headed lower; sell Nifty on small rallies: Sukhani

The market trend continues to be on the downside and given the problems emerging from euro zone (Cyprus) again, technical analyst, Sudarshan Sukhani of s2analytics.com expects the market to fall further.

He recommends traders to look for a small rally or an intraday consolidation to sell the index. One can buy April Puts, if required.

Below is the verbatim transcript of Sukhani's interview with CNBC-TV18.

Q: Got a bad global backdrop today, how are you approaching things on the index?

A: I would be looking to sell the index. It is very difficult to say how to go about shorting an index that opens 45-50 points lower in our context, but the trade still is that this market is failing to cross earlier highs. We have been saying that we are in a downtrend and the rallies are just that, bear market rallies.

So, the bear market rally was over on Friday afternoon, the original downtrend has restored and resumed probably. Look for a small rally, intraday consolidation to go short, if not anything buy April Puts whenever one can. This market is going lower.

Disclosure: Sudarshan Sukhani has no holdings in the stocks discussed.

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