How high is the probability of retesting October lows within the first quarter of this calendar year?
Manghnani: I am not very clear on time analysis but I think a lot of people are talking about this triangle formation since October. If it is a triangle then we talk about six phases. I think we are in the fifth phase; the fifth being the upward move normally the fifth phase should sell somewhere between and it should not go right upto the upper target of 3,050 to 3,100 and then the major break on the downside. So I dont want to put a time to it but I think it will be sooner rather than later. There is a lot of news that redemption pressures also from FIIs or foreign funds coming towards next month. Q: A lot of individual stocks have been in news first was Glenmark and then Piramal, anything from that pocket that you have picked up because it doesnt usually see a lot of trading interest? Pillai: Pharma is one sector which gave a positive breakout right in the month of January 2008 when the market started collapsing being a defensive sector. So most of the stocks have got rallied includ
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