"Traders who are looking at positional trade should be carrying short positions into the Budget or till just before the Budget. For short-term traders, the trend would be different but the positional short positions are still valid and intact," he said in an interview to CNBC-TV18.
Below is the verbatim transcript
Q: In the near term, what could be a ceiling now for the Nifty? Beyond which level it is finding it difficult to pierce through?
A: A ceiling technically is 5,980-6,000. However, the problem is something else. The finance minister will set up the ceiling. In front of the big news event, the market can do anything for two-four days if something unusual happens. But I would expect any irrational exuberance to temper down. So, 6,000 is something that I am looking at. The Nifty is unlikely to cross that for any kind of a decisive move. It could be temporary. This means that traders who are looking at positional trade should be carrying short positions into the Budget or till just before the Budget. For short-term traders, the trend would be different but the positional short positions are still valid and intact.
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Q: You have a buy on the midcap, Hexaware Technologies ?
A: Hexaware has seen all the worst things that could happen to it in terms of stock price damage. That seems to be getting over now. The stock has been building a base of some kind or the other for last three weeks and it is now coming out of it on the upside, breaking out. The midcap IT stocks are high beta instruments so it is possible that this rally that is beginning could continue for a long time at least in terms of price action. It is an interesting buying opportunity. I think traders should be looking at it, keep a stop loss in case it does not work out. However, it could easily do much better than we imagine.
Disclosure: I have no holdings or interest in the stocks discussed.
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