Market has lost upward momentum; seeks downside trigger: Gujral

The market has lost all its upward momentum and is looking for a long-term trigger to move downside, says Ashwani Gujral of ashwanigujral.com. He asks investors to wait for a bigger correction to buy.Market witnessed low volumes today as it ended almost flat, shedding around 0.1 percent. The Nifty closed 11 points higher at 8,708 and Sensex closed 21 points higher at 28,082. The market is very sluggish says Prakash Gaba, prakashgaba.com. He will continue to be bearish on the market till there remains to be strong resistance to 8,800 points. But Thursday could start with a positive note, he adds.Rajesh Kothari, AlfAccurate Advisors, prefers the private banking and finance stocks. Apart from these, he also likes auto and auto ancillary stocks.IT stocks outperformed today. But Gujral says it is still not time to buy into tech stocks, adding that they may see some volatility due to presidential elections. He keeps a short position till Nifty crosses the 8750 mark.Watch video for more.