Correction over; Nifty may cross 5900; go long: Sukhani

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

See Nifty in 5600-6000 range; food bill a burden: Dalton

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

Q: We have got bit of recovery going through yesterday, how would you trade it this morning on the index?

A: Yesterday we got a clear message that the market is in an uptrend and that message came because of Wednesday. We had a correction. Any trend needs a correction and luckily we got it and that's where we found support, 5,750.

Yesterday's opening bounce suggested that the correction is probably over and the uptrend has resumed. This was a theme yesterday and this is the theme today. We are moving up. We have a strong barrier at 5,900. However, the momentum that we are seeing and the fact that we could digest a correction and a downtrend suggest that 5,900 could and should be crossed. Short-term traders should be on the long side. Look at bluechips non-banking stocks to go long into as well of course the Nifty, the CNX IT. The outlook for the intermediate trend doesn't change.

We can have sharp and rapid corrections on the upside even when the market is coming down. So, eventually we will break 5,500, go below. But that is long way off.

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