Investors upbeat, but choppiness to persist until Nifty breaches 9,050: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral of ashwanigujral.com said that investors seem to be confident, but expect some choppiness, till the time Nifty breaches 9,050. Excerpts:

ET Now: What may happen in the next two-three days?

Ashwani Gujral: I get worried when bulls go home high fiving each other. We may not cross 9,000 tomorrow, but certainly in this week . Overall, the market is breaking out of triangle type of formation.

Generally speaking, the length of the triangle pattern suggest another 500-point rise in Nifty. That should take Nifty to 9,500. Now, there will be choppiness, unless we can gap up above 9,050 and more short covering takes it forward. Around this 9,000 zone, there will be choppiness. Having said this, the market is broadening out, which is fairly healthy. Generally, when the market goes up, the market breadth narrows. But in the current scenario, it is broadening and hence possibly showing that more confidence is coming in.

We should head upwards from here in the next couple of weeks if not tomorrow.