Below is an edited transcript of the interview on CNBC-TV18.
Q: If you were a trader would you cut out the hedge that you took on your long position and would you now be brave enough to add onto your longs that you have taken earlier?
A: The hedges need to be cut because I think the breakout is quite decisive. These mild dips in the morning were good opportunities to add to long positions and if somebody hasn't done that at current levels, it is worthwhile taking a position on the long side; buy calls. It is always possible that a sharp correction may come in between. That correction should be used to add to long positions and not get worried.
Q: Would you have raised your stop losses now that you are trading with 5,750 on the screen, would you have raised your stop loss somewhat to adjust for the breakout as you see it?
A: It is not necessary to do that. The markets are trading much higher. The stop losses are at 5,650. They would be raised tomorrow.
Q: For the markets, it is a half a percent gain that we are seeing on the index right now. Going ahead, do you have any stock specific ideas on any of the key frontliner names on the long side?
A: Yes, I had suggested ICICI Bank in the morning that remains valid. Buy ICICI Bank calls. Then the other is Adani Enterprises . I have long positions in that but that is a stock that is just ready to breakout to new highs. I think a lot of quality stocks we have discussed over the last seven days are worth buying into.
Q: What would convince you that this is not one or two days breakout like that 5,600 breakdown, which a lot of people pounced on for a much bigger dropdown but it never quite materialized, could this be a breakout which flatters to deceive?
A: That is always possible since this is the second time that the prices are breaking out from that trading range, I am assuming that the first one was false and this one is genuine but there is no way of saying it. What would convince us is simply if the Nifty remains above 5,730, the level above from which it broke out for as many days longer as possible that would give us more and more conviction even if the market does not rally much. So far as it is above that level, it is good.
Q: I know you watch the charts of the Dow as well, how do you see the Dow move at this point after the immediate reaction post the event?
A: I do not see the American markets very bullish. I am not very competent on that market but as far as charts go, they are likely to be underperformers. The big performance will come in Asia.
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