Break above 8,250 on Nifty would confirm bottoming out: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com, shares his view on how the market may behave in the coming sessions.

ET Now: Will the uptick seen in benchmark indices on Wednesday continue?

Ashwani Gujral: In downtrends, downswings are larger than upswings. We have had an upswing from 8,000 to 8,470 and then a downswing back towards 8,000. Given the way largecaps like Infosys, TCS, Reliance Industries are moving, it is possible that the market maybe just putting in a bottom.

For this, Nifty would need a confirmation above 8,200-8,250. There is a good chance of that happening, given that we have had already almost four months of correction, everything bad that was anticipated is possibly in the price.

Therefore, there is a good chance that the Nifty may get bottomed out if index heavyweights continue to move up. Banks probably will lag a bit, but if IT and oil and gas stocks continue performing well, then they have ability to carry the market forward. Clearly, bullish bets will start only beyond 8,250 Nifty. Till, I would consider any upmove a pullback.