Rally could head towards 4950-5000: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com (Technical Check), talks to ET Now on market outlook.

What is your call on the market?

Just about given back one-third of what we gained yesterday. It is not a big deal and you will see the Indian market outperforming over the next few days because we seem to be in a pullback mode and in a different kind of time.

Euro could have been down 100 points on each of those indices. Chances are that we broke out from 4780 so as long as we stay above broadly those levels the rally could resume and head towards 4950-5000 because we fell for about 12 to 15 days.

We just had a two day rally so in terms of time we have not really completed any kind of pullback. So, even if we do this up and down and do not gain too much say gain about 100-150 points from here we need to spend that time where the market gets back into equilibrium and gets ready to fall again if we have to fall.