In a discussion on CNBC-TV18, CK Narayan, MD, Growth Avenues and Deven Choksey of KR Choksey Shares and Securities share their outlook on the market and specific stocks going ahead.
Below is verbatim transcript of the discussion
Q: If you had taken a long position at the start of the week you would have made money for sure but towards the end of the week you got a sense that there is a little more volatility coming. What should a positional trader be doing ahead of next week?
A: A bit of volatility on a Friday towards the closing hour is nothing out of the ordinary. However, what we need to look at is to place this particular volatility in the context of where we are in the index and in that particular perspective there is a need of being slightly circumspect about what one expects.
We have had a great run not just for this week but for several months now and we have moved on to levels where I don’t think anything is cheap any longer. Under those circumstances, I would be very choosy about what I get into.
I am not saying there are no long positions to be built, certainly there are stocks, there are pockets where there is still some better value available but we will have to dig and try to ferret out various aspects before we go long into various stocks.
Q: What key levels will you watch out on the frontline indices for next week?
A: I would peg the Nifty at the high level with a very distinct close above 8150-8160 as the upper end wants to reassert and on the downside around 8070-8060 as the level below which might it turn slightly short-term softness for the Nifty. So, these are the two immediate levels to watch out for provided you are a very short-term player.
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