Nifty may hit 16,100-16,200 in July series: Nilesh Jain

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Nifty may hit 16,100 – 16,200 in July series, said Nilesh Jain of Centrum Broking on Money9 on Monday. This was soon after the markets began the week at all-time high levels. The Nifty on Monday, opened at 15,915, its record high-level today, while Sensex hit its lifetime high of  53,126 at open.

The gains, however, were soon sold into and the benchmark indices slipped into the red.

“The overall market breadth is quite positive, we may see a healthy correction of about 100-200 points but this may be seen as a buying opportunity. The rally going forward is likely to continue, the base is getting shifted higher, and we may see Nifty scaling fresh highs of 16,000 soon”, said Jain.

On the Nifty Bank, he believed that the index has underperformed and is way below its all-time high levels. 35,600 is the immediate hurdle for the index and if that gets crossed, he expects to see it hitting 36,000.

“PSU Banking space has underperformed this whole year, but now they are expected to do well. Canara bank, SBI and PNB are few counters we like from this space,” he added.

As a strategy for investors, he believes one should not panic if there is a correction in near future and in fact buy quality in those dips. He has not advised going long on Nifty but says that one can do so in Nifty Bank currently.

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