Difficult for market to move higher unless aided by banking stocks: Ashwani Gujral

In an interview with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com, shares his views on the market. Excerpts:

ET Now: How should one approach the next series?

Ashwani Gujral: Well, the idea for the next series basically is that we are now lacking some kind of leadership. Banks seem fairly tired and Reliance had a four-day kind of move and today it seems like it had made a short term top. Now clearly for the market to move forward you need more than an ITC or a Sun Pharma or a couple of auto stocks. Unless Reliance or banks take the lead, it would be difficult to get significantly higher than 6100 and today’s 20 point move is basically expiry-led choppiness. The way Bank Nifty was behaving in fact June Futures went into a discount by the close. So that is not a good situation and basically when this sort of market stocks tend to get distributed and finally there is just one little event, the market can come down at least to 5850.

ET Now: What is it that you would trade tomorrow morning?

Ashwani Gujral: NMDC is a buy with a stop of 117, target of 130. ICICI Bank is a sell with a stop of 1190, target of 1140. IDFC is a sell with a stop of 156 target of 144.