Also read: Indian equities` long-term fundamentals intact
Below is the verbatim transcript of Sukhani's interview with CNBC-TV18:
Q: Give us a word about the index before we get started about the market?
A: The index has created a lot of confusion yesterday evening and today morning with the SGX suggesting weakness. That happens. Sometimes there is no view. Unfortunately, today happens to be one of them. This market was ripe and prime for a rally that has not come about.
Yesterday, in the afternoon, an attempt to move up fizzled out completely. That is not bullish. We are in front of a big news event. If the news event were not there, I would have said that the Indian markets are not willing to go higher and now we should change our stance back to bearish.
The news event can go anywhere and it is far better I suppose simply to watch the market for the first hour or so. If this market is not willing to go up then we will simply close our long positions and step aside. There is no view then.
Q: The number of sell call on stocks have gone up in your list this morning, let us start with Exide Industries ?
A: Exide Industries has been a disappointment. It had a rally and then that rally ended up with a bearish head and shoulder pattern, most stocks did it. However, after the targets were completed -- Exide Industries' small upmove was a bearish flag, it has broken down from that and it is suggesting further downside. That is happening to a lot of good quality stocks. Some are giving bullish signs and a lot are giving bearish signs. It is very confusing now. Exide Industries is a short sell, the bearish flag has been broken on the downside. One should look for much lower levels not just today but also carry it on.
Q: You are also getting bearish on oil marketing companies (OMCs) like Bharat Petroleum Corporation Ltd (( BPCL )?
A: Yes, yesterday we had Indian Oil Corporation ( IOC ). We have been having OMCs consistently on the sell side.
BPCL has broken another support level. A small rally here also was a bearish flag, it has broken down from that flag telling us lower levels are coming.
Although it is not directly related and I do not look at it that way, brent is now giving signs of going to USD 110 per barrel. Once it breaks USD 110 per barrel, it is going much higher.
Disclosures: Sudarshan Sukhani does not have holdings in any stocks discussed.
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