Goldy Jain, Sharekhan
Book some profit and be in cash: Goldy Jain, Sharekhan The BSE benchmark index, Sensex is currently trading at 17, 099.36, up 177.97 points (2.05 p.m). Commenting on the current rally in the market, technical analyst Vishwas Agarwal avers, “Market after a sharp rise, will now enter into consolidation phase. Next month, being the result month, the market will wait for announcements of results before taking any direction. Investors should stay in market but fresh long positions should be taken cautiously. I am not bearish but feel this level is not much fruitful to make any fresh investments, you can hold on to your positions. I personally feel 17,500 and 17,700 top will be formed,“ he concluded. Goldy Jain, a senior relationship manager, Sharekhan rues, “Market looks very dicey. Already the market has covered 1,200 points in just 6 trading session. Be cautious in the m arket at this level - Sensex at 17,000 and Nifty at 5000.“ When quizzed about the recent rally in large cap IT stocks, Goldy said, “IT stocks were up mainly due to some short covering by traders, who had long positions.“ Looking at the present situation in the market, he advised investors to book some profit and be in cash. Also, the second quarter numbers would be out in the next few weeks and a correction may just be around the corner.
