Q: If your call is that it may get a lot worse for the market right now, even in today’s trade if we get a down-start you would open up a short on the Nifty you are saying?

A: It is often not a smart idea to short once the market is down 160 but clearly the bias is towards the short side. Where you want to short is more of a tactical kind of call. You would probably short now on all rallies towards 4,000. So if you are carrying shorts from Friday, you are fine but fresh shorts probably should wait for some kind of uptick. You keep getting these intraday rallies where you can go short around 4,000.

Q: What about a couple of those smaller IT stocks like Subex, Azure and MindTree? Do you track any of those?

A: I don’t track those but the technology may hold-up but it is not likely to go up against the market. So people should be cautious of even entering technology because below 4,000, the fall will be demoralizing. So you cannot expect technology to bail you out.

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