Regan Homavazir, CMT, Associate Vice President, Technical Research, Darashaw & Co. Pvt. Ltd continue to be bearish on the market despite the recent rally. He sees crucial resistance levels playing out in the scene now, which will eventually take Nifty down to 4200, with 4500 and 4800 being key stops.
But Homavazir advises a buy on infra stocks. He says the sector has seen time and price correction and should be buy when market falls. Below is an exclusive transcript of Regan Homavazir's interview on CNBC-TV18. Also watch the accompanying video. Q: Since we last spoke a lot has changed in terms of price. Has your view changed on the market? Has the market turned any corners and you are not that bearish any longer?
A: What has happened in the last four weeks has been a smart rally. The market has moved from 4500 to where we stand at about closer to 5200 now. Now what has happened is majority of stocks and the market is now placed at a critical resistance. Usually one would expect very large selling to emerge at current price levels. We
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