Moneycontrol
Last Updated : Jan 29, 2018 05:17 PM IST | Source: CNBC-TV18

Bulls march ahead but not a bullish market; global rally helping us: Expert

The market is just waiting for the global rally to end to start a downside because as long as the globe continues to rise, our market will also find reasons for not falling. This is not a bullish market, said Ashwani Gujral.

CNBC TV18 @moneycontrolcom

The bull continued their upward march on back of a positive reading of the Economic Survey. Both the Nifty and Sensex gained more than half percent.

Nifty managed to close above 11,000 for the first time ever, while the Sensex was up 232.81 points at 36,283.25.

Ashwani Gujral of ashwanigujral.com said the market is narrowing and maybe the correction is 15 days from now, start taking money off. Do not think this is a bullish market because it is not broad based, where lot of stocks make new highs, he said, adding that in the current market five largecap stocks are holding up the market and everyday people are dumping their midcaps. Once all the dumping is done, the largecaps will also fall, said Gujral.

According to Gujral, it is unlikely that the midcaps will reverse and again resume the rally, they may be topping out.

The market is just waiting for the global rally to end to start a downside because as long as the globe continues to rise, our market will also find reasons for not falling. This is not a bullish market, he said.

He said, we could be in the last legs of a parabolic move but only time can tell when it will end.

The experts also analyzed the HDFC and Maruti earnings and also answered some twitter queries.

For full discussion, watch video
First Published on Jan 29, 2018 05:07 pm
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