Nifty needs to confirm the 5170-5200 band: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com in an interview with ET Now talks about his outlook for Nifty.

Do you get a sense of the market while you pointed out that 5150, 5170 perhaps could be a range from an intermediate support standpoint, do you think that the market is pretty much settling into a range right now and that you would essentially look at again few dull session before a direction is seen?

What is most important is that the market should clearly confirm this 5170 to 5200 type band. Once people get confidence that okay now 5200 is not likely to be broken then you will see fresh buying coming back and you will get to the next level of the range which is 5200 to 5700.

So we could spend a few days once the kind of selling peters out or the profit booking that is happening is over, chances are the next leg of the rally will start and will probably start with more confidence than the one that has started from 4700.