Sell TCS if it breaks below Rs 2,500: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com, shares his view on where the market is headed towards. The expert also talks about TCS.

ET Now: How the market may perform on Friday?

Ashwani Gujral: What is going on is that the market has held on to the 20-day moving average on both Nifty and Bank Nifty.

Sometimes, when you have weak or pullback rallies, the rally terminates for a couple of days and later a fresh attempt towards the highs begins. As long as 18,500-18,550 on the Bank Nifty, and possibly 8,630 on the Nifty holds on, the trend possibility remains intact.

As far as stock patterns are concerned, TCS has been making a triangle (pattern), where the range is narrowing. One may look at buying into the counter, if the scrip starts breaking Rs 2,700 per share. Also, I would recommend sell on the stock it if it starts breaking below Rs 2,500 level. The markets has ideally topped. If the market starts correcting without any big event, then that correction could be fairly choppy in nature.