Nifty to be in 5450-5550 levels: Ashwani Gujral

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

ET Now: What is the call on markets right now?

Ashwani Gujral: Nifty will remain in a 100-point type range between 5450 to about 5550. Unless we are able to close decisively above 5550-5560, this consolidation to lacklustre moves may continue and once we get below 5450. Another 200 points will open up right up to about 5300.

Overall there are some stocks which are doing well like pharma or the consumption stocks but there are enough stocks there to take the indices down. Nifty needs to get above 5517 to become positive for the day. The upside will face resistance at 5549 and about 5582. Downside will be 5484 and 5452. Bank Nifty must get above 10961. Broadly 11000 to be positive and CNX IT similar levels are about 6381. One needs to have some long trades as well. Even though the market has bit of a weak bias.