Don't expect major market pullbacks at this point: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager at Ashwanigujral.com, shares his thoughts on the market. Excerpts:

ET Now: What would you do in a scenario like this - would you wait for a bit of a bounce before you resume short selling again or would that be out of the picture for now?

Ashwani Gujral: Had this been a weaker decline, I would have waited for more pullback. But given the strength of the decline, I do not think the market will give you a 150 point pullback so that everybody can get out.

The point is that we started a pullback and we cannot even hold the highs of the day. That shows that it is a fairly weak market and people are still selling into this market after eight-nine days worth of decline.

Given that, we are in a strong downtrend, I wouldn't be hoping too much for a pullback at this point. In fact, the rally you are seeing right now can well be used to going short with the high of the day as a stop and chances are the trend could resume.