"7,800 is now our line in the sand. So far as the Nifty is above 7,800 which is the recent low I have rounded it off we will assume that the correction is over and the Nifty is going towards 8,200 testing the lifetime highs and maybe making newer ones," he said.
Sukhani advises to go long on all midcaps, bluechips and good quality stocks.
Below is the transcript of Sudarshan Sukhani's interview with CNBC-TV18's Latha Venkatesh, Anuj Singhal and Sonia Shenoy.
Latha: What is the overall chart of the Nifty or the Sensex telling you at this juncture, how much could the dip be and what does the high look like at this point in time for 2014?
A: The chart for the Nifty tell us we are in a long term bull market. We have built a base that lasted for four to five years, we have broken out of that base. If the base building takes five years then hopefully the bull market will also give us five years of rallies. So that is the underlying theme over which we are working and through which we are trading. That is a long term theme.
To say if the correction is over, it is a short term call. No one knows that. The markets can correct but we know the levels, which is much more important. 7,800 is now our line in the sand. So far as the Nifty is above 7,800 which is the recent low I have rounded it off we will assume that the correction is over and the Nifty is going towards 8,200 testing the lifetime highs and maybe making newer ones.
Maybe we will go to 8,400 and then come back to 7,800 all these are conjectures, we don't know. Why worry about it, at this point we know we should be on the long side. So far as the Nifty, for the intermediate trader is above 7,800. For the short term trader we keep on talking about what the levels are, where your stop loss should be. At this point we should be long anyway.
Sonia: Tell us what one should be buying in the next one hour in this Mahurat session?
A: Go for midcaps today and just buy and you rightly asked, we shouldn't be shorting this market, not today, because we are in a short term uptrend. I will quickly rattle up the names that are worth looking at.
One is Adani Port ; Latha asked about it yesterday and today is the day when you want to buy it. NTPC , which is giving us a dream pattern, a bullish head and shoulder; yesterday it corrected which means you could actually buy it on a dip. Bharat Forge which is in a huddle after a sharp correction is giving us a sense that the correction is over and a big break out is imminent, that is three. Finally we have Godrej Industries which is a high risk buy. We are trying to see if a low has been made and catch that bottom if possible. All midcaps, all blue chips, all good quality stocks, go long.
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