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Below is the verbatim transcript of Sukhani's interview on CNBC-TV18
Q: It seems like this pullback has more legs, at least that is what the SGX Nifty is indicating but what does the order of the day look like?
A: On Monday the market trend changed, we were in a downtrend and it was more or less caught almost to the lows. But after a rally, some kind of consolidation, the Nifty's trend has become up, we are now in an intermediate uptrend. If you are in an uptrend you should be looking for buying opportunities just as when we were in a downtrend we were looking for selling or in choppy markets for both.
The uptrend has come because of a number of reasons, the first is there was a strong resistance at 5550, the index has taken that resistance rather effortlessly, closed above it. We had an earlier high at 5526, we crossed that one also and then there is a bullish pattern that was made on intraday charts, another bullish pattern that was made on the larger time frame charts.
Collectively the trend is up. Once the trend is up, we don't challenge it. So it is not about 18 points on the SGX, today one can buy and hold the Nifty and hold the Bank Nifty for some gains, it is not intraday trading. This market is not prone for intraday trade for the last one month or so and that is likely to continue, there is too much volatility. But for people who want to make money they held to short positions and made money. Now hold on to long positions, create them, add to them.
Q: Would you expect resistances at any point in time?
A: Every market goes up step by step. When we fell there were support levels, they were broken, we saw relief rallies. To that extent there will be resistance. The first zone of resistance is 5750-5800 and who knows the markets may return from there, may not even go there because markets are unpredictable, they are not an exact science and they cannot be, it is a collection of human nature. But this is what the theme is.
Stay tuned for more...
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