Good bounce back possible till above 5800-5850 mark

In a chat with ET NOW, Ashish Chaturmohta, Head Technical & Derivatives Desk Research, Fortune Equity Brokers (India) Ltd shares his view on the market.

ET Now: Before we let you go, how do you expect the next series to shape up?

Ashish Chaturmohta: I have a positive view because if you look at in last four months, before September we have seen almost three series expiring on lower end and this is a first series where we have seen a very strong substantial gain.

This may continue because this is the first month where shorts have been trapped very badly and they have not got a chance to cover up their position since the average short which was created was in a range between 5500 to 5700 and still we are much above those levels so till we are holding above this 5800-5850 mark, there seems to be a very strong possibility that again we will see a good bounce back.

On upside, we are expecting levels around 6050 to 6100 in next couple of trading sessions.