Expect some profit bookings at record market levels: Arpit Beriwal, MOFSL

Markets gave up some of their morning gains and were trading over 0.3% higher during the early afternoon deals on Friday. The S&P BSE Sensex had surged past the 60,000-level mark for the first time ever to hit a record high of 60,333 while the Nifty 50 scaled the 17,900-mark to a fresh high of 17,947. Arpit Beriwal, Motilal Oswal Financial Services spoke to Money9 on what to expect from markets going forward.

“This week has been a super roller coaster from 17,300 to 17,700, and there is almost 600 points in just three days. All the positive momentum has been across the market, and it is primarily driven by sectors such as lifting heavy weights, IT has been a major outperformer. The market setup is good, and little bit profit booking can be seen at these levels, but the setup is very strong in terms of Nifty, if you see Nifty is trading at 17,850. So, the nearby support is 17, 700, while on the upside, 18,000 is the image of resistance.”

Stock Recommendations

Reliance Industries | Buy | Target: 2620 | Stop Loss: 2420

Mahindra & Mahindra | Buy | Target: 820 | Stop Loss: 735