Current consolidation may end in big market correction: Gujral

Nifty has been in consolidation between 8,500 and 8,700 points for a long time now, says Ashwani Gujral of ashwanigujral.com. The market lacks upside momentum. There is a possibility that it may see a big correction soon. He does not see Nifty touching 9,000 levels till it sees a sharp decline to around 8,200 levels.In spite of his forcast, he dissuades investors from taking a short position and rather suggests going long at around 8,500 levels.Nifty today managed to hold 8,700 on close after reclaiming at the start of trade today. Sensex too had a good day, gaining more than 100 points ending at 28,179.Market needs a breakdown from the current levels where it has started to consolidate, says Sudip Bandyopadhyay, MD & CEO, Destimoney Securities. This is the only way market will touch 9,000 points.Watch video for more.