Nifty stuck in 150pts range; buy on dips: Sukhani

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

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

Q: Wishy-washy session yesterday, today there is some global green but how would you trade it on the index?

A: The index is now in a trading range. Trading ranges are vicious, choppy and difficult to trade. We have seen how the market fell yesterday and then throughout the day it continued its rally after the decline and today the SGX suggests a higher open, but that means nothing, we still remain in the range.

A decisive trade will come if the Nifty crosses 5,900 and closes above it or on the downside it goes below 5,750. This 150 point range is treacherous and the trade for the day is to expect a choppy market, which means from the open if the Nifty rallies 20-30 points then look to sell it and the reverse if it fall 20-30 points then look to buy.

It is easier said than done but there is a scalping trade here. I do not think one should take bigger positions till these levels are taken out one way or the other.

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