Hemant Thukral of Aditya Birla Money expects a pullback till 5930-5940 levels in the Nifty. He advises investors to be short and sell into strength. He told CNBC-TV18 that the Nifty had to retest at 5850 or 5800 levels before a sustained or strength related pullback.
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Below is the edited transcript of his interview to CNBC-TV18.
Q: Do you see a pullback to 5,956 levels?
A: The behaviour of India (volatility index) VIX is still above 17. It is not good for any bullish scenario.
Pullbacks will happen. We expect it till 5,930-5,940. But that will only give a chance to go short on this market. If the pullback materialises till 5,930 or 5,940, I would be a seller on rise.
My stop losses for all short positions are around 5,970-5,980 mark. The Nifty has to retest 5,850 or 5,800 levels on the downside before any sustained or any strength related pullback.
The other way round is to see how foreign institutional investors (FIIs) have to unwind more. One day we have to see a pullback of buying from their side. Till those signals come it would be a sell on rise market for me.