Nifty undergoes simple correction within an uptrend: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com in an interview with ET Now talks about Nifty performance.

Your thought on the Nifty as it pans out today? Ahead of the settlement, how do you see it ending in the next three to four trading sessions?

Before today's session, we had a six days of continuous rises on the indices. That usually is quite a stretch and reaction does step in and that is exactly what is we are seeing today. At this moment, we should assume the intermediate trend is up but we are seeing a correction which may last a session or two. If this gathers downside momentum, then we may have a problem.

So far, the decline is not alarming but should we start going down 100-200 points, then there comes in the possibility that the intermediate uptrend is coming to an end. Right now, no such signs. So that is the only lookout. Otherwise, treat it as a simple correction within an uptrend.