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See weak mkt if it stays below 3050-3060: Gujral
Published on Fri, Nov 14, 2008 at 09:41 , Updated at Fri, Nov 14, 2008 at 14:06
Source : CNBC-TV18
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Here is a verbatim transcript of the exclusive interview with Ashwani Gujral on CNBC-TV18. Also watch the accompanying video. Q: By the time we wound up on Wednesday, there was a real fear there was a the market could head lower as low as 2500, what do you see this morning? A: The problem with this market now is that there is hardly any follow through to a trend. So if you get two bad days, it almost becomes likely that there could be a sharp pullback rally, so broadly it’s a matter of who gets trapped, after two bad days, shorts get trapped and after two good days the longs get trapped. But the market clearly remains weak as long as it remains below levels of broadly 3050 to 3060. The October lows do need to be tested and again the trigger for shorts to come back and that would be at 2860.
Q: Any trade you would want to put in this early in the morning? A: A good way of trading this market is looking at Wednesday’s range the low is 2794 and the high is 2974 so unless you move out of that range, you probably don’t trade within this range. Q: At what point in trade today would you think of opening up a short on the market? A: Incase we start breaking down below 2794 because you had two big down days, so the market has support at lower levels, you would open a short in this kind of a market after you had a couple of up days because you really don’t have a follow through in either direction, so you need to try up the longs or the shorts to make any money. |
Technical Analyst Ashwani Gujral, believes the market clearly remains weak as long as it remains below levels of broadly 3050 to 3060. "The October lows do need to be tested and again the trigger for shorts to come back and that would be at 2860." Messages on Market Analysis - Technical View
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