Time to take profits off the table: Quantum's Sanjay Dutt

Immense fund flow clubbed with retail participation helped the Nifty to move above 5600, hinting that the market is entering another bull phase. However, market veteran Sanjay Dutt, director of Quantum Securities believes the risk-reward ratio is not favourable for investing in markets right now. He feels the market is likely to see 5% downside from current levels after the recent sharp upmove.

Global markets have remained mostly supportive as far as a deal between the Greek political class and the international lenders is concerned. The positive newsflow from Europe has been already priced in, Dutt says. "I would recommend that no long positions be taken, and if you have profits and if you are sitting on reasonably large long positions, it