Below is the verbatim transcript of an interview aired on CNBC-TV18.
Q: What kind of markers are you setting on either side of the index because it has gotten quite volatile?
A: It has got volatile as well as still range bound so my markers are clear. At 6,030 the first sign of a crack will appear and 6,000 is the level below which we will consider actively shorting. That has not happened yet. This is a trade we will be willing to take. On the other hand, after all said and done the Nifty is still in a trading range and hugging the upper end of that range. It is at 6,060. It is not a bad place to be.
Also Read: Global mkts in good shape; Nifty slips back in trading zone
So, the bias still remains bullish in spite of yesterday's volatility. This kind of volatility will occur, not because of Reserve Bank of India (RBI) but because of variety of news. Now we are completely joined with international markets. We have to accept it. We have to see what is the sum total of the trend. The trend is still up. So, the bias still remains mildly bullish.
Q: Bata India is in your sell list?
A: Bata was an old favourite when it was going up and after it reached Rs 1,000 there was a sense that distributing has come. Short selling is never easy to do. Bata's chart suggests that there are five-six-seven days of multiple declines and then they are intercepted by one day of a big rally and then the decline starts. That is how short selling takes place, manage risk but money is there. There was a big rally in Bata and it was fair to thing this is it, the end has come and after that rally three days ago the stock has started falling again. There is much more downside here. So, Bata is a short sell.
Q: The chart of Godrej Industries has weakened?
A: Yes, the chart has weakened now. Godrej was a buy but once it started sliding from Rs 325, the highs that it made, there was a sense that it has made a double top and it is now coming down. This is a correction. Just as Bata is a correction. The problem is that Bata's rally from Rs 150 to Rs 1,000 can give a correction that will feel like a bear market. The same could happen with Godrej Industries, a correction or a deep correction. We are going to go short in it. There is more money on the downside, it has broken down from a trading range, pattern targets are lower and it is a good trade to be in.
Disclosure: I have no holdings in the stocks discussed.
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