However, even if the market bounces back from the current levels, one should not to take long positions. "The market will continue to remain choppy if it tries to go up and probably a directional if it tries to go down," he adds.
Below is the verbatim transcript of Sukhani's interview with CNBC-TV18.
Q: How would you trade the index?
A: The index has been choppy and we can now define a level below which we can start initiating short positions and that is about 5,880. If the Nifty is closing below 5,880 then I would be a seller in the Nifty. I will assume that the correction on the upside is over. Obviously we do not know for certain so we will keep a stop. However, we will still take the trades, start with small volumes.
Square-off longs, short Nifty between 5950-6000: Bhamre
The other scenario is that this market could again bounce back. If it does then we will step aside and not take any long positions because the market will continue to remain choppy if it tries to go up and probably a directional if it tries to go down.
Q: Titan Industries has been trending lower, what kind of levels do you see here?
A: We are now looking at Rs 220 and that is a target that should come. For the bulls, Titan is a bad chart and for the bears, the charts are excellent; lower highs, lower lows, repeated breaking of support levels and Titan was a short candidate when it started its descent below Rs 300. It is now at Rs 240. The market does not like these stocks and chances are that much lower levels are coming.
Disclosure I have no holdings in the stocks discussed.
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