Don’t see IPOs de-railing momentum in secondary markets: Nilesh Jain

Indian benchmark equity indices opened higher on Monday. The Sensex opened at 52,634.33, up 248.14 points, or 0.47%, while the Nifty was at 15,766.80, up 77.00 points or 0.49%

All the sectoral indices were trading in the green with realty index up 3%. BSE midcap and smallcap indices also advanced 0.5% each.

Sharing the insights on the market outlook, Nilesh Jain of Centrum Broking said, “While last week was a volatile one with the Nifty slipping to 15,630 kind of levels. We have an immediate hurdle placed at 15,800, once that is taken out I do expect Nifty see a pull back to 15,900 and then eventually to 16,000”

He also said that the volatility index is in comfort zone and the outlook for both Nifty and Bank Nifty is positive.

With the action buzzing in the primary market, we asked him if the money flow will shift from the secondary market. To which he said, “We have seen in the past despite the good collection in IPOs, the rally remains intact in the secondary market space.”

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