Also Read: Will falling rupee, weak global mkts drag Nifty to 5200?
Below is the verbatim transcript of Sukhani's interview with CNBC-TV18.
Q: We are in one of those long drawn bear phases where you will get tired of your stocks and probably sell them in disgust after seeing them lose 80-90 percent of their value. Are we in the throws of that kind of a bear phase?
A: We are already in a bear phase that is painful and difficult to manage. This started in 2010, not now. It's been four years now, the Nifty is moving in a range of 1,000 points; it comes down to 5,200-5,300, goes back and does nothing.
However, again there was a patch of 10-11 months in 2011 when we broke below 5,300 and we are now repeating that process. That is very worrying because we are breaking out from a three-and-a-half year trading range and that is not good news. How long will this continue is anybody's guess? I think we have been talking about a bear market for quite sometime now. So, we are in a bear market and prices are expected to fall.
The market works on momentum and trend. It does not work on Options data. Options are derivative of what the market does. They do not drive the market. Put Options are making money because the market is falling. Market is not falling because Put Options are making money.
The view has been buy Puts, be on the short side of the market. This is not going to be easy. We have an immediate target of 4,900 and that seems visible. It is a question of time whether in September or October or early, is a different matter.
More to come....
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