Bear market will continue: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, tlaks to ET Now on cap good stocks.

It appears like a bottom for some of these cap good stocks. We are in a bear market. So what is the worst possible downside for names like BHEL, L&T? Do you think L&T could eventually end up in triple digits, BHEL could slip below Rs 200?

In a bear market, theoretically, the worst possible downside is zero but since these are blue chips but easily now what do you beat up, can you beat up GVK Power below zero, there only 10 bucks left or GMR below zero.

Now these are the holy cows which have the mass still left for getting beaten up. Once BHEL gets below 250, it is easily possible it goes towards 200, L&T again similar story, it had a bit of a pullback.

If that pullback has ended, you can easily go towards levels of 1050-1100. So yes, there could be more downside. There is continued limbo. The bear market will continue. It will not end just because people are bit tired of prices going down.