Have a trailing stop loss of 5300 for Nifty long positions: Devang Visaria

Devang Visaria, Chief Strategist, Devangvisaria.com in an interview with ET Now talks about Nifty long positions.

Do you think this is the time when shorts actually have been covered and we are pretty much sitting at the top end of the band and it might be a good time to book profits. Would that be a strategy that makes sense right now?

I think at this level 5400 could possibly turnout to be a resistance level for the Nifty in case we were to shoot past that then I guess there would be another 150 points upside left in the Nifty.

Right now there is no sign of weakness in the markets and what is our strategy is that you could have a trailing stop loss of possibly 5300 for your Nifty long positions and look to ride on the upside possibly to 5450-5500 for the Nifty and on the stock specific basis I guess the rotation is the name of the game and right now we are looking to play metal stocks.

Once you have a 5%-8% upsides on the metals you could possibly shift base and look to trade on say a Reliance or something of that sort so right now I guess metals are looking good and Nifty you could follow a trailing stop loss of 5300.