Nifty may not get past 5560-5570: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com

What’s the call for the near term on the Nifty as well as specific stocks?

The market’s back has been broken and now we should not get past 5560-5570 in a hurry. On the downside, first real support comes in at 5450 but in this kind of an environment, supports and resistances become kind of meaningless because the kind of momentum that we are seeing in global markets, I have probably not seen that for the last couple of years.

All bets should be off for the moment, defensive or otherwise because if money has been made in defensives, even those will see profit booking. One country or one company can be controlled but when you have three or four countries together getting into a problem, then this crisis is likely to last a bit, so the recommendation remains a sell.

The individual calls are Mphasis, BFL we sell with a stop of about 460, target of 380. HDIL, we sell with a stop of 165, target of 150 and Tata Motors, we sell with a stop of 1030, a target of 950.