Nifty will trade between 7100 and 7500 mark for a while now: Ashwani Gujral

In a chat with ET Now,Ashwani Gujral, Fund Manager, Ashwanigujral.com, shares his views on market rally.

ET Now: 7474 all time closing high. Would you now reduce your long trading positions because we might be approaching a bit of a resistance?

Ashwani Gujral:There are two things to this and we often do not specify the time frame that we are talking about. If you are a long term investor which means three to five years style investor you have ETFs and mutual funds etc and you do not bother about 7500 or 7200 etc. You continue with those positions because that the CPSE ETF, Junior BeES ETF these things they keep moving even when the Nifty is choppy.

As far as the intraday or futures trading is concerned the way Bank Nifty is acting unless it changes tomorrow onwards there is going to be trouble at 7500-7550 because what is leading this market up now is probably IT and a few PSUs, metals. Unless banks can throw in their weight 7550 thereabouts will be difficult to cross but on the other hand if we come down this market, it is again a buy on dips style market.

So, for the moment I do not think we will keep running up and we will spent a serious amount of time in this 7100 to 7500 zone whatever be the budget.