Markets will find it difficult to move up: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com, shares his views on the markets. Edited Excerpts:

ET Now: Yet another first day of the new series which ends in the green. By minor intraday correction, we have recovered reasonably okay for the Nifty. What do you think is in store for next week?

Ashwani Gujral: Today was low volume. There was a bit of choppiness even on the upside. Something will give in,be it the rupee or the global markets. The market does not seem like it wants to go up. There is hardly any institutional buying. It means that people are not willing to buy at this level and they need lower levels to come in strongly and buy. So something will have to create a correction. That correction must happen in the Bank Nifty before the market can go down even further where stronger buying is available. So chances are, as people come back, something in the environment will change which will lead the market to move lower. As long as we stay broadly below 8250, we should assume that while CNX IT may move sideways now. It is possible that banks give way and we move lower. These small moves on PSU banks and all auto stocks, battery stocks etc. will continue but overall, market is finding great difficulty in moving up.