Markets volatility is extremely high: Deepak Mohoni

In a chat with ET Now, Deepak Mohoni, Director, trendwatchindia.com, talks about Nifty outlook.

ET Now: What gives on the index heavyweights as well because stocks like R Comm, Rel Infra have more reasons to fall than just one?

Deepak Mohoni: Indeed but the market is finding higher levels again, so we may have hit some sort of a selling climax. What level the market is seeking will become clearer once it gets into a narrow range than it is right now. We have got a 200-300 point Sensex move in the last 2-3 minutes upward this time, so the volatility is extremely high and all the prices we are seeing right now are very transient, fleeting. They will settle into something in a short while, so I would say that if somebody is bargain hunting for blue chips, which do not historically drop very much but they are down 3 or 4% today. This is a good moment to pick them up. Anything else stays completely clear for the moment.