Nifty may surprise on downside; bet on pharma IT: Jai Bala

Jai Bala, cashthechaos.com feels that this is a treacherous market and is equally poised to either take out 6,358, the all time high or go below 5,970. He cautions of a choppiness and believes that the market could surprise on the downside, so one should stick to strong sectors.

"Even if it goes above 6,358, I do not see it sustaining for too long. I need to see more strength in the market in terms of broader participation from front-line stocks and broad market stocks," he told CNBC-TV18 in an interview.

Meanwhile, Bala remains bullish on pharma, autos and IT selectively.

Also Read: Not bullish on mkt, yr-end Sensex target at 20250, says HSBC

Below is the edited transcript of Jai Bala's interview with CNBC-TV18

Q: Is the market giving you a sense of warmth? Do you think that the 6200 looks set to perhaps breach the all-time highs of 6370 sometime in the next few weeks?

A: The market is going to get a bit choppy. It is not entirely clear if the all-time high is going to get taken out, but we got to be very careful because this is a treacherous market. I remain bullish on pharma, autos and IT selectively.

Q: How will you draw the chart of the index from hereon? Is it likely to remain in 6000 or maybe 5950-6350 range? If you were to draw the charts how do they look over the next 4-5 weeks?

A: The market is equally poised to either take out 6358, the all time high or go below 5970. The problem I see is that if it goes above 6358 I do not see it sustaining for too long, because there are footmarks of what seems to be like an ending move. It could exceed 6350, stay above it for a few days and then start coming down.

I need to see more strength in the market in terms of broader participation from front-line stocks and broad market stocks. The market could also surprise on the downside. That is the reason why I am sticking with the strong sectors. I do not think it is going to be a range. Either it is going to breakout above the all-time high, go above it and stay there for a few weeks and then starts coming down or it is going to straightaway giveaway.

Anda sedang membaca artikel tentang

Nifty may surprise on downside; bet on pharma IT: Jai Bala

Dengan url

https://sehatgayahidup.blogspot.com/2013/12/nifty-may-surprise-on-downside-bet-on.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Nifty may surprise on downside; bet on pharma IT: Jai Bala

namun jangan lupa untuk meletakkan link

Nifty may surprise on downside; bet on pharma IT: Jai Bala

sebagai sumbernya