Market to be range-bound; prefer IT, pharma: Amit Dalal
Below is the verbatim transcript of Sukhani's interview with CNBC-TV18.
Q: Priming ourselves for a gap down. What is the best way to insulate oneself from too much damage this morning?
A: Some of the damage is going to happen, there is nothing to insulate. Most people including myself should be having long positions in the market and after the first few minutes of cooling off, one has to get out of those long positions. This is not a question of hope; it is just a matter of prudent trading practice, take the gap cut.
One of the nice things about charting has been the fact that some times we make right calls, we have been saying that the banks are underperforming and the charts are hopeless, horrible and it is very unlikely that the Nifty can rally much further without the banks. That is now coming out to be true although the gap down of course hurts but cannot do anything about it.
What is the outlook now? The 6,000-6,100 level was going to be strong resistance. I had explained that even if we go to 6,300 we are likely to move back to 5,500 and come lower. That intermediate term outlook remains intact, market is going to choppy and it is not as if the market will run down immediately. I suspect it will go up come down and become untradeable again. That is part of the process of being in trading, cannot do it. I wouldn't advise any new positions today after one protects the existing.
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