Maintain a long position on Nifty: CK Narayan

CK Narayan, Growth Avenues Asset Advisors,in a chat with ET Now gives his outlook on the nifty today.

ET Now: What is the call on Nifty right now?

CK Narayan: The Nifty has been holding pretty well. It has not built far too much on what it had put on over the last 2 days. The good news is that it has not really ceded much ground.

So, if it had to decline, it would have declined already. The fact that it has not declined indicates that there is not too much of built up trading long positions. I believe there still are lot of shorts in there, particularly short calls because we are seeing the PCR move up a little.

But the Bank Nifty has been fairing somewhat better. So it looks like the action is broadening out a bit. I would say maintain a long position or a certainly a bullish bias on the Nifty. In the shorter term, banking sector will do the trick for the traders and investors. So Bank Nifty will do much better.