Go short on the Bank Nifty: Ashwani Gujra

Ashwani Gujral, Fund Manager, Ashwanigujral.com in a chat with ET Now gives his views on the Bank Nifty



ET Now: What is the call on Bank Nifty?

Ashwani Gujral: I am short on the Bank Nifty now. It is clear that the pullback is not sustaining. We are not staying past 4930. So, somewhere around this region if you take short positions, chances are that you will find lower levels.

It was a pullback, currency started dropping again, so chances are that 8900 will finally get broken. Where you want to go short, that depends on you. Today, the rally has not shown a whole lot of steam.

ET Now: The up move that State Bank of India has shown, do you think it is an end of it or it can notch up a few points further?

Ashwani Gujral: 2040-2050 was a resistance and sort of the target. So, around those levels, profits should have been booked on State Bank. Right now, it is a good idea to book profits. We have to understand that markets are still in a downtrend and could head lower. So, we have booked out of our banking portfolio and Bank Nifty and taken short positions on the Bank Nifty.