See resistance at 8,000-8,100; like pharma, auto: Expert

Rahul Mohinder of viratechindia.com feels Cipla and Dr Reddy's should continue to do well. In the auto sector, he is positive on M&M and Bajaj Auto.

Rahul Mohinder of viratechindia.com says the Nifty is bound to see some strong resistance at 8,000-8,100 level. He recommends buy on pharma stocks and feels Cipla  and Dr Reddy's  should continue to do well. In the auto sector, he is positive on M&M  and Bajaj Auto .

Below is the transcript of Rahul Mohinder's interview with CNBC-TV18's Sonia Shenoy, Latha Venkatesh and Senthil Chengalvarayan.

Sonia: 7970 on the Nifty, we were speaking with Sanjay Dutt earlier, he said that he would you sell in to this bounce? Would you do the same, what would be the strategy on the index now?

A: I think it is early to say that the medium to long-term has broken down on the Nifty but one thing is clear that when we get towards at 8,000-8,100 level we are bound to see some strong resistance. The way I would like to put it is I would really locate it 8,100 to 7,800 as the broad zone and closer towards the 8,100 mark one could look at selling. It is going to be very stock specific. My guess is next three to four weeks on the Nifty is range bound but yet one can do well if one stock specific here.

Sonia: For tomorrow's trade what would the index strategy be and if you have any specific stocks that you would want to trade tomorrow or rather on Monday?

A: Specifically as I was pointing out on the weak side some of the heavyweights like Reliance Industries , Larsen & Toubro  (L&T) we might see some softness there and that might drag the index a bit. Now again on the upside closer to about 8,050 that's where I think resistance will start creeping in and that could be a point where you look at the Nifty as a sell point.

However, stock specifically on the buy side I am mostly comfortable with pharma stocks. So, something like a Cipla or Dr. Reddy's Laboratories should continue to do well and for that matter auto stocks, the likes of an Mahindra and Mahindra (M&M), Bajaj Auto both look positive. So it is really going to be sectoral play for me, stock specific play. I don't think there is much meat in it for the index over the next 2-3 weeks.

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