Hold on to DLF and JP Associates: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com in an interview with ET Now talks about DLF and JP Associates.

So you do not think the momentum that we are seeing on DLF and JP Associates would continue in the near term?

It will not continue for the next 150 points because the initial short covering, the day trader type short covering is now over. Now it needs a bigger short covering, people who are holding shorts for the last many months to cover. That will need a significant move of the Nifty above the previous intermediate highs because technically unless you cross the previous intermediate high, you are still in a downtrend but what has happened is you have made a higher low. So now one way the market needs to break out in order for the intermediate trend to really change.