Do not get over excited in this rally: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com talks about the market. Edited Excerpts:

ET Now: Almost 8300 there, we were talking about the possibilities of this happening in the first week. It has happened today. What do we do from here on?

Ashwani Gujral: The important bit is holding on to your long positions. Do not get over excited. If people are holding on, they should continue to hold on.I do not think new highs is the place to take fresh positions. The idea is that have a portfolio and make one each time we go down 5 to 7 per cent. As the market moves up, you should tend to book some profits so that you have capital ready for the next leg down.

The leg on this momentum can continue to about 8600. GAIL is crossing 540. That is a key significant zone. Otherwise, be cautious at previous highs. Given that the paradigm of this sector is changing, this is breakout that you would buy. GAIL is heading towards 700 to 750. That is something for people who want to keep stocks for longer term.