Anil Manghnani, Modern Shares and Stock Brokers, in an interview with Udayan Mukherjee and Mitali Mukherjee, spoke about his reading of the market and gave his outlook going forward.
Below is a verbatim transcript of the interview. Also watch the accompanying videos. Q: Has the market turned or would you wait for more evidence over the next few days to open up any kind of short trades?A: I am not sure on the short trades, but at least, the pull back retracement is definitely on the cards. The level of 5,900-5,940 is a key area. Some of that pull back started on Friday and should continue into this week.
The first real test for the market is, if it had to show strength, it would be around 5,720 mark. It is the 200 day moving average and the retracement level. We have started with the fall, but around 5,720, one can start from the long side venturing some long trade.
FIIs continued to be biased, but the last two-three days index and stock futures are being sold. Some profit booking or hedging might take place there.
This is a very short trading week. People won
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