Nifty unlikely to hold 8000 levels; might find support in 7800-7950 zone: Ashwani Gujral

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

ET Now: Given that the market has shut trade, what is your view for the coming sessions?

Ashwani Gujral: It closed exactly on the 20-day moving average and we have weakened towards the close. So that means that we are leaving ourselves open to another 200 point correction on the Nifty which is the 50 day moving average around 7840-7850. Also, the previous intermediate top on the Nifty; so chances are that market is getting corrective and yes we will have some stocks going up, some others going down but overall the way heavyweights are moving, it appears that 8000 may not hold for long time and then somewhere in that 7850-7950 zone we are likely to find support and then start moving up from here that should be the broad prognosis.