Excerpts from CNBC-TV18's exclusive interview with Ashwani Gujral:

Q: What’s a good trading view now is it approaching levels where you take profits or you can build fresh longs for another 5%-6% on the Nifty?

A: Taking it from what you were saying in the morning, when the head says no, you go and buy the market, and when the head says yes, that is the time probably the move is ending. The market holding 5,000 all the kind of bad news, bad opinions, skeptics are all over the place I think we can play it for 5,400 if we hold on to 5,000 again, that is 3 closings above that key level. Looking even at the global markets, we should be looking at an 8% to 10%, rally the kind of formations most of these markets are making, even on bad Dow cues, the Asian Markets are outperforming.

We are in that kind of a phase, where again the decoupling theory comes in, so we could be in good theory for the next couple of weeks but around 5,400, it would like to book some profits.

Q: What’s a good way to trade; use every decline to accumulate if you believe that you have still got 300-points odd left on the Nifty?

A: We could consolidate above 5,000. The key idea is that we are facing resistance around 5,070-5,100 levels. Once that gets taken out one will see a further rally because the market is not coming back down, it’s not breaking 5,000. So chances are that on all declines towards 5,000 if one buys; once 5,100 gets crossed one will see fresh momentum.

We have had six days of a rally, couple of days sideways and then resume the rally. I think one will see a lot more bullishness in the market before we get any kind of serious correction.