Sanjay Dutt, director of Quantum Securities has expressed his free and frank opinion on the ongoing bull rally in the market and feels that it is right time to wait before venturing into the market for any further investments.
I am cautious for the next few weeks ahead. I would recommend that no long positions be taken and if you have profits and if you are sitting on reasonably large long positions, it's time to take them off the table. The next two-three weeks are going to be pretty choppy with uncertainty with regard to oil and of course domestic political uncertainty, in terms of once the results start flowing in from key State elections. We have already run up quite a bit, therefore, we are pregnant for a correction. A combination of these factors make me little cautious. The risk reward doesn't look favorable right now. I don't see another 200 points upside from the current levels. Yes, if it's there, I'll prefer missing it because I have ridden the 900 points that has already passed in the last few weeks.
We also feels that market as of now is overstretched and now is the right time to make money by doing no action and consider cash as King.