Keep holding long positions; Nifty to outperform CNX IT, CNX Bank: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com, shares his view on where the market is headed towards.

ET Now: What can we expect from Wednesday’s session?

Ashwani Gujral: Let us not expect similar rallies that we used to see last year because I believe that the phase has gone.

This is a ‘sideways’ phase where you will have backing and filling. Overall, the market momentum is upward bias. That said, the market will like to confirm support at each interval.

We are heading towards say 8500-8550 on Nifty first. This trend should continue. Stocks such as ONGC are showing strength; certain banking stocks too are moving up. But we are seeing choppy action in midcaps.

That said, there are no clear sectors other than oil & gas, which will show traction. You should continue to hold your long positions.

Nifty is likely to outperform both CNX Bank and CNX IT index because of oil stocks. Overall, if you make a nice portfolio having sum of all the sectors, that should serve you well going forward. But must have individual stocks like Gati or Jubilant Life, etc; they will be the sparks. I do not think you will see significant action on the large caps.