Good news should be expected in a month's time: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com, shares his view on the Nifty:

ET Now: In the current downtick how much more downside do you give to the Nifty?

Ashwani Gujral: Once we get to the previous lows of 5,120-5,150, then we can see whether those levels will get broken this time or if 5200 will again provide support again. The market bounces up on some positive news and then collapses again back to 4800.

The odds are that 5150-5200 will take some breaking. We have also gone through bad news during a couple of months. By default, good news should be expected, maybe one and a half month later from global shores. Therefore, we may have some sort of rally of around 5100-5200. Hence, it is worthwhile trying to cover shorts.