Nothing on the upside for Bank Nifty: Ashwani Gujral, Fund Manager, Ashwanigujral.com

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com, shares his views about Bank Nifty.

ET Now: Do you worry about the movement in Bank Nifty?

Ashwani Gujral: It is not very encouraging given that now the rate cycle has turned. The whole problem is that we had rallied 40% on the Bank Nifty and even a surprise rate cut did not surprise the Bank Nifty. But overall, it is now underperforming and in case 5180 finally gets taken out, Bank Nifty could also head towards 9500-9600. That seems like a possibility because on all rallies, you cannot see traction on Bank Nifty. It hardly ever goes up 400 points and that was a point, I made the day rate cuts happened. It was up 80 points. The reaction to news that the market has often tells the upside or downside. Right now, the disinterest is clearly coming through. There is hardly any follow through on the downside. There is nothing on the upside. So, market basically is in a drift mode. You need some strong news flow or some strong liquidity to come in and should give a directional bias to the market. Otherwise, we will keep doing these ranges and couple of 100 points up and down is likely to continue.