Go long on the market: Ketan Kharkhanis

Ketan Kharkhanis, Head of Active Trader Service, ICICI Securities in an interview with ET Now gives his views on market outlook.

What would you make out of market like this we are seeing some bit of positive cues coming in the morning but then after that markets look fairly tired and a little bit of unwinding pressure brings it right back down in fact approaching that 5000 level yet again what would you recommend at this point?

I think in a short term market is like to be plagued with the international news flow coming from the Eurozone and the US. I think post the May 25th low we saw at around 4785 markets did make a higher tops and higher bottoms at around 5150 and 4960 but I think 5100 is appearing to be a very crucial level to break on the upside and unless that level is taken off in the next 2 or 3 trading sessions I anticipate that the market is likely to drift down again to around 4900 levels. In a short term I accept the market to be trading in 4900 and 5100 zone. So I think at the current level below 4950-4960 only we would like to initiate short for a target of around 4900 at that level we would like to go long again on the market.