Its time to take a scalp trade on the Nifty: Vijay Bhambwani

Vijay Bhambwani, Author, CEO, BSPLindia.com, talks to ET Now on market outlook.

Indian markets have not only managed to regain everything they lost yesterday but have also managed to regain much more. So, all the doubters who sold Nifty yesterday, should they make a comeback?

We have seen a very strong rally since morning but I do feel that this would be a time to take a scalp trade on the Nifty by going short close to the 5125 levels in the October future series. Your hard stop would be 5140 and I do expect the Nifty to retrace in the October series to the 5090 to 5095.

So, you are basically trying to make some lose change from the short sell trade. The Nifty is unlikely to go below the 5150 levels but if it does it would be a game changer than the entire dynamics of the market in the absolute near term would change.