Market is in long mode only for some more time in coming 3-4 successive weeks. (Angel Broking)
Its recommended by Siddharth Bhamre of Angel Broking that do not book profits so early because the market seems much bullish and gaining in coming weeks, he is also bullish on Nifty and continues to hold long positions despite more than 400 points up move seen in the Nifty.
He says that Those already holding long positions should go with the momentum and should not book profits now . "Everybody is waiting to get into this market at dips. According to us, that dip may not come till 5,750-5,800," he explained.
He suggests buying the 5,600 call option for those how have missed out the opportunity to enter the market. However, rise in volatility might lead to some correction, he cautioned.
We have been bullish since 5,250 odd levels. We continue to hold on to long positions despite more than 400 points move that happened in Nifty. We have reasons to be biased towards positive momentum despite the market going up significantly.
First, there is a strong left out feeling in the market, be it domestic, some of the FIIs and especially weaker hands in the market, everybody is now bullish, expecting momentum to continue, but there is a consensus. Usually, we go against the consensus, but this time we want to go with the consensus because consensus is coming with a caveat that they will buy on dips.
Secondly, this is to the audiences who have missed out, still we would suggest buy 5,600 call option and trade with positive bias in this market. Look at the FII figure from liquidity perspective. These figures are not saying that there would be a 100 point correction and then you will get a chance to move into this market.
