Markets may soar higher, Nifty Bank to lead rally: Nirav Cheda

Indian benchmark indices continued their record run as the Nifty and Sensex climbed to their all time high levels on Friday morning with the Sensex rising to 59,737 and the Nifty surging to 17,792 in intra-day trade before seeing profits being taken off. Markets closed the day on a weak note, although the Sensex closed above 59,000. Nirav Cheda of Nirmal Bang spoke to Money9 on what to expect on markets going forward from here.

“Markets have had a very smart rally, even though we closed the day on a muted note, the benchmark indices closed the week by over 1% gains. What was the biggest positive takeaway this week was that the Nifty Bank saw a breakout and has managed to close above 37,700 which gives us hopes of a bigger move coming forward”, he said.

Going into the next week he believes, traders should trade Nifty Bank instead of Nifty and in future course the index can also attain the levels of 40,000.

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SBI | Buy | Target : 490 | Stop Loss: 430

RIL | Buy | Target: 2500 | Stop Loss: 2350

Axis Bank | Buy | Target: 850 | Stop Loss: 790