Use any pullback for buying: CK Narayan, Growth Avenues Asset Advisors

CK Narayan, Growth Avenues Asset Advisors, in a chat with ET Now, gives strategy about the market


Our biggest fears have come true, 5200 has been broken. How does a trade and in investor approach this market?

We had this very strong sell off to the lower end hit about 5120-5125 levels. In terms of the price movement, in terms of the time cycles, in terms of the price cycles as well, I would feel that we are trading somewhere near the low for the moment and I would be therefore inclined to go long as a trader, let me reiterate that as a trader, not as an investor. You will see an attempt to close the higher gaps. We have left a series of them on the downside. The market may attempt to close 1 or 2 of them look up maybe towards 5300-5350 levels at least in the next week. As a trader, I would say that look to go long with a stop somewhere convenient as per what your trading rules permit you but I am certainly not advocating any kind of sells at the current levels. I would rather look to buy something, not at 5180, perhaps a pullback intraday we have had a nice pullback from a lows 70-75 points on the Nifty. Any pullback from here till the close, use it to buying, look for an exit in the next week.