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Rally on large caps done; not expected to cross the election day high anytime soon: Ashwani Gujral

The range might be 6800-6900 levels to the downside, 7300-7400 levels on the upside. We are not going to cross the election day high anytime soon, he said.

ET Now|
Updated: May 22, 2014, 05.33 PM IST
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 The range might be 6800-6900 levels to the downside, 7300-7400 levels on the upside. We are not going to cross the election day high anytime soon, he said.
 The range might be 6800-6900 levels to the downside, 7300-7400 levels on the upside. We are not going to cross the election day high anytime soon, he said.
In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com shares his views on how the market is expected to perform.

ET Now: How do you expect the market to perform?

Ashwani Gujral: I feel the large cap rally is more or less done. There are chances that large caps will become sideways from here for a while till pre-budget, and midcap and small caps will continue to fire along. Large caps are done and over.

You can only trade up and down in these stocks. The range might be 6800-6900 levels on the downside, 7300-7400 levels on the upside. We are not going to cross the election day high anytime soon. The idea should be to trade on both side.

We traded Bank Nifty upside and downside today, which is a way to make money taking these blanket calls that is not going to work in large caps. In Midcaps, buy ETFs and stay with your PSU stocks. These will work extremely well.

While the market is sideways, your PSUs will keep running up.

The CPSC finally closed 4% higher, which is very good for an ETF. You hold it for a month, and when it goes up 15%-20%, it is a fairly decent return. Stay with these market leading groups. ICICI Bank or State Bank or big stocks won't do too much.

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