Bank Nifty likely to lead Nifty on the downside: Sukhani

Sudarshan Sukhani, s2analytics.com believes the Nifty is hard to analyse right now. It has been locked in a trading range for a long time. "The market gives a sense that it is crossing 6330-6340. But that never happens. On the downside, the levels of 6230 eventually get held. So I would assume that the Nifty is probably likely to slide to 6230 and then decide," he told CNBC-TV18.

Assuming that 6230-6240 on the lower end breaks, a significant short trade will develop and the same applies to the breakout on the higher side. "We will just let the Nifty tell us which side it is going but the first signs of distress are now coming from the Bank Nifty and that is surprising because it was outperforming and for two days suddenly it turned around. The Bank Nifty is giving us an initial sign that it may be going through a process of distribution. If that is so, then clearly, the Bank Nifty will lead the Nifty on the downside. We will know in a couple of days, we just have to wait patiently for the market to resolve that trading range."

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