Midcap stocks will still collapse further even if the market becomes sidways: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, shares his views on Midcaps.

On the charts Midcaps viz., BF Utilities, Dish TV, IFCI?

It is not a great wisdom to be able to give short selling reco after a 100 point fall but clearly these days you sell any midcap and it falls. Dish TV moving sideways around 65, chances are that the next level here could be closer to 55.

Again IFCI that is a stock that has long been forgotten and it should get back to those Rs10-Rs15 type of levels shortly. So if you did not go short around Rs.50 bucks on IFCI now there is the juice left is less. Basically the midcap the buying evaporates the moment this kind of a bear market hits like what is happening today with Hind Oil Exploration so chances are that a lot of these stocks will still collapse further even if the market over all becomes sidways.