Market witnessing uptrend: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, talks about market outlook.

Good first half but looking weak in the second half of trade, what is the call?

I still believe we are in this range of 5730 to about 5950 and after 2 down days given that the intermediate trend still happens to be upside, there is an 85% chance that tomorrow will be an up day. So today is a good time to buy if you are still hoping that this uptrend will continue. My level where the uptrend gives way is 5700-5725 where you have 20-30-day moving averages. Also you have the 200 DMA. Once that levels gives way, you can establish that some kind of downtrend is now beginning. As far as I am concerned, 5700-5730 remains a buying zone more than a selling zone. So right now people should buy say for 100-150-point upside over the next couple of days. On individual stocks, Mundra Port can be bought with a stop of about 144, target of 158. Tata Motors is a sell with a stop of about 1250, target of 1150 may happen here and Hindustan Zinc overall strong counter, we can buy with a stop of about 140, target of 156 is possible here.