This rally may not sustain for much longer than 7600: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager at Ashwanigujral.com shares his thoughts on the markets. Excerpts:

ET Now: Do you think the Bank Nifty Futures is going to hold out?

Ashwani Gujral: It has come down 50 points by the end of the trading sessions. Let us see if it can regain 14900 and trade above that. But overall, this 50-70-point rally is backed by great amount of buying. My kind of benchmark for getting positive or buying for some sort of a bigger swing is around 7590-7600. But till then, be positive, but much more short term in your orientation because the market just had a seven-day, eight-day correction. After a three-month rally, even if you look at it from a time wise angle, more correction probably should happen. Hence, you should expect that this rally may not sustain for much longer than 7600.