Upside of CNX IT looks more sustainable than that of Nifty or Bank Nifty: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager at Ashwanigujral.com, shares his thoughts on the market. Excerpts:

ET Now: What is your call on the two key indices - CNX IT and Bank Nifty?

Ashwani Gujral: This is a day to day style market, which means that you cannot play for 8000. We should just be grateful that the market is up. It is an upswing. I would not call it a great rally which has began and which will take out 7700, etc.

For the moment, Bank Nifty had a small intraday style breakout, so we are positive on that and hoping for another 150-200 points on the upside. CNX IT is probably correcting and till the Nifty, Bank Nifty rally continues, maybe CNX IT will consolidate a bit. But the rupee still looks weak and once that weakness comes back, chances are that the Nifty, Bank Nifty rally will end and CNX IT should resume its upside. This means that the CNX IT’s upside looks more sustainable than the Nifty or the Bank Nifty’s upside, but we are alternating between going up and going down. Thus, market broadly remains in this 7500-7700 type of zone.