Ashwani Gujral, Chief Market Strategist, ashwanigujral.com in an interview with ET Now talks about markets today.

Do you think we have completed the pullback or is there still some more steam left?

The pullback can happen in two ways, you can be choppy all over the place and not fall and that could constitute as a pullback or you could move up. If you went home long yesterday you will get beaten down again today, so this kind of a pullback is a pullback but you cannot really trade it a whole lot.

Given the way local markets are acting may be the pullback remains choppy and you will see action only in selected pockets like we did yesterday so pullback will be to the extent that we do not fall as much and we kind of move sideways while globally stocks are falling 4%-5% but I do not think that we will move higher while rest of the markets fall 5%.

One interesting thing is that Europe and US I do not think anything is left to imagination now in terms of recession or slowdown and Brent is still at $111 so why are we still dreaming that commodities one day will fall because of some great crisis, what crisis is still to happen. If things improve a little bit Brent could get back to $125-$130. Libyan crisis is over so that is something to worry about that things are not falling as fast as people expected.

Anyway for the day we need to stay above 5003 to turn positive, on the downside supports coming at 4937 and 4977. Broadly 4940, 4950 must hold on for this "pullback" to kind of be strong and continue. Bank Nifty 9564 is the level that we need to get past and stay past for positivity that is also range bound 300-400 point type of range between 9300 and 9700. CNX IT 5290 is the key level of resistance at least to stay past that.

Now I have couple of buy calls because I think market still will remain a bit choppy and there will be a two way type action so Gujarat Fluoro we can buy with a stop of about 480, target of 600. Yesterday we did Hero Moto so today we are doing Bajaj Auto, we buy this with a stop of about 1595, target of about 1800.

Given the land bill people who are likely to put up large projects etc may get into a bit of a trouble so going with that Adani Enterprises is a sell with a stop of about 560, target of 480. Wipro is a sell with a stop of about 350, target of 280 and DLF is also a sell with a stop of about 213, target of 198.