Sushil Kedia, founder of Kedianomics, believes that investors should turn cautious and book profits where stocks have risen sharply.
He said, "This market peaked out at 11,800 in September 2018. However since then we have made several higher highs but those are irregular B-wave patterns which indicate that there will be substantial larger up moves further over the next 5 years but in between, the kind of hara-kiri that we saw in first of 2020, I am unable to rule out a repeat of that, at least getting down to something like 8000 also going forward over the next 6 months."
He added that on Tuesday if Nifty fails to close above 12,660 then there is a good opportunity to go short in the market.
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