Mkt oversold; get out of short positions: Sudarshan Sukhani

Technical analyst, Sudarshan Sukhani of s2analytics.com spoke with Latha Venkatesh & Sonia Shenoy of CNBC-TV18. He shared his reading and outlook on the market and also gave recommendations on various stocks.

According to Sukhani, market is deeply oversold so short positions should be closed. He said, "Bias for today as an intraday trader would be to look for buying opportunities."

Below is the transcript of Sudarshan Sukhani's interview on CNBC-TV18.

Latha: What is the premonition, that bottom we appear to have hit intraday on Friday will hold, a green start, you dare to go long?

A: We had three trades in the Nifty in the month of March – one was when we went long hoping that we will reach 9,300; we did not but still the trade ended with a profit and two short trades. So, March ended rather well for traders who are watching this show. What happens now?

Short positions should be closed and that was the suggestion on March 26th and I am repeating it. Market is deeply oversold, not only Indian market but the world over, so get out of short positions if one hasn't done that. It is too early to talk about green shoots but they may happen.

So, the bias for today as an intraday trader would be to look for buying opportunities. I am not saying that we are starting a recovery again but at least the selling has stopped. Selling is having a low risk reward.

For stock specific ideas, watch videos.

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