"The Nifty still has upside momentum, so people should be long in the Nifty. At present the Nifty levels are very attraction and if one is long then take profits before the policy event,"he said in an interview to CNBC-TV18.
He suggested shorting Canara Bank and buying Wipro .
Below is the verbatim transcript of his interview on the CNBC-TV18
Q: The market could go either way today and volatility could creep in and maybe one should avoid trading the Nifty before the policy, would you hold that stance?
A: The Nifty still has upside momentum, so people should be long in the Nifty. At present the Nifty levels are very attraction and if one is long then take profits before the policy event.
The next move for the market will only come after this event is cleared and the market has digested it and there is no sense in anticipation what the markets will do.
My worry is we are going into it already with a 10 percent rally already behind us, so it is not easy for the markets to go higher. This kind of momentum generally gets dissipated,
For Bank Nifty, we have been suggesting taking Options position for a short trade and that suggestion still remains. If the market finally decides to move an up and push the Bank Nifty even higher then get out of the Options, there is a very minor loss. Otherwise the Bank Nifty is ripe for a big decline.
Q: Canara Bank is your top short today, why?
A: Yes, because we have already discussed that private banks need to be shorted and we are now selling in a rising market, at least Canara Bank has not risen, so it is a nice idea. All PSU banks are weak.
Canara Bank had a rally and that rally is done with and it's weakening day after day. So, it is a nice place to be in. Take Options positions rather than Futures because there is no sense in carrying large risks but this is a trade before the event.
Q: IT seems to have turned around over last couple of days, is that why you have chosen Wipro?
A: Yes that seems to be so because HCL Technologies found support, TCS also did the same. Yesterday Wipro finally went back above the gap that was created because of the split as well as the news; I think there is more upside here.
Even if the markets were to do something different we have seen how IT has its own course. The smart decline is over, so expect it to start moving higher and Wipro is an appropriate candidate for buying.
stay tuned for more
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