Time to take chips off the table; 17,250 on Nifty the critical level to watch: Vinit Bolinjkar
Vinit Bolinjkar, Head of Research, Ventura Securities, says the Middle East war could be a long drawn out affair and if it plays out the way Ukraine and Russia played out in 2022, then we are going to be in for a prolonged correction taking place in the market. These levels of 17,250 which were the previous low which took place, should be the critical level to watch.
Do you concur with the view that it is time to take some chips off the table, book the profits — the massive gains in the midcap and smallcap over the last three-four months or do you think it is time to keep the shopping list ready?
I concur with the view that it is time to take the chips off the table. Reason being that this melodramatic geopolitical situation that has been created can’t be wished away. It will be only wishful thinking if we think that it will hush away in a few days' time. Substantial kinetic action has taken place and knowing the character of the affected country, one can be sure that they will not stop until justice is served or their goals have been met.
I believe that it could be a long drawn out incursion and if it plays out the way Ukraine and Russia played out in 2022, then we are going to be in for a prolonged correction taking place in the market. I guess these levels of 17,250 which were the previous low which took place should be the critical level to watch.
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17,250 is still quite far away. We will retest those levels and if history is anything to go by, whether it was the
