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Below is the verbatim transcript of Sukhani's interview with CNBC-TV18.
Q: It was manic the way the market moved on Friday but how do you approach Monday morning?
A: We approach Monday morning with the same view, this market is going down. I have repeated it many times that our patterns targets are 4,900 or nearby and that remains.
However, no one knows that the market will fall 230 points in one day. That was never predicted and it is not predictable but we know that the market is going down. So, if we are positioned on the right side of the market; in this case it is the downside then we take advantage of these declines, if and when they occur. So, for the day, the same view applies; look for a rally, look for a breakdown either of them can come and go short.
I do not think the market is going to give a lot of corrections on the upside. If the market does rally on the upside, these corrections are unlikely to be tradable, which means one should step aside, maintain positional shorts and try not to get caught into the inevitable euphoria that this market is turning around, we had 20 point rally, all that is not to be traded into. It is disappointing but I do not see big rallies coming in till we reach pattern targets.
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Nifty target at 4900; short on any rally: Sukhani
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