Significant retracement is on cards: Sudarshan Sukhani
May 22nd, 2009
Sudarshan Sukhani of Technical Trends said a significant retracement is on the cards. The elections resulted in a 600-point jump in the Nifty, he said, adding that that is traditonally the cap for such sudden upmoves. “You may recall the upmove from 2200 to 2800 when we hit a low. So 4,500 is the top resistance,” Sukhani said.
“If it’s a deeper correction, we could come down to 3,500-3,700 levels,” he said.