Mkts to remain volatile and rangebound; avoid HUL: Experts
Below is the verbatim transcript of Sukhani's interview with CNBC-TV18.
Q: The cues are mixed from across the globe but for our market it was terrible yesterday, how would you approach the Nifty this morning?
A: There are periods in the market when there is a complete sense of confusion. This is one of those periods and it is little frustrating but we have to accept it. The broad intermediate trend is down; there is no confusion on that, we are going to go lower. However, the short-term trend was up, we saw how the market rallied with big gaps, big ranges on the upside, reached 5,900 and then yesterday the short-term trend was put in difficulty.
So, there is a sense of confusion on the short-term trend, on the move that we saw yesterday, was that a correction of the upmove or was that the beginning of a new down move. Therefore, at this point it is difficult to answer that question.
We are in a long-term intermediate downtrend and it is possible that the upswing may well be over. We will have to wait for more evidence from the market to tell us whether the upswing is again getting renewed.
I am assuming that this upswing has big barriers at 5,900, let the Bank Nifty cross the first levels of 11,750 then we will start looking at building long positions again. Till then trade intraday.
Q: How do you trade intraday, what kind of an opening will set up what kind of moves for the day?
A: The intraday trades should be taken after the first 15-20 minutes of the opening price. Ideally we want to sell into strength. Therefore, if the Nifty rallies 20-30 points from the open then that is a selling opportunity and if it dips 20-30 points and it may during the course of the day then that becomes an excellent buying opportunity. Try to close all positions by the end of the day. Today the US is closed and market could just drift for two days.
Q: You have a buy on Tech Mahindra , what are the levels you are looking for?
A: Yes, we had some dips in Tech Mahindra for two reasons; one, it was over extended and second, there is something about a swap ratio, which I do not understand. However, I understand that it caused a dip and that dip is now coming to a very strong support level.
Tech Mahindra has strong support at Rs 1,000; the stock itself has broken out of a long trading range and so the stock is not coming down in a hurry. The support should hold, which means today we want to buy Tech Mahindra, all the stories behind it are over and the reasons for the dip. Therefore, if one is a position trader or a swing trader and do not necessarily want to day trade and want to hold position in Tech Mahindra then both are justified; intraday trading and holding a position on the long side.
Disclosure: Sudarshan Sukhani has no holdings in the stocks discussed.
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