Nifty may soon scale 16,100: Mudit Goyal, SMC Global

Domestic equity benchmarks edged lower in early deals on Thursday dragged by losses in FMCG, pharma and IT stocks. At 10:30am, Sensex was at 52,932.50. down 122.26 points or 0.23%, while Nifty was at 15,835.80, down 43.85 points or 0.28%.

Mudit Goyal from SMC Global spoke to Money9 to share insights on market outlook and said, “Consolidation in markets over the last month or so should be seen as a healthy sign and not be perturbed by it. I may not be surprised if by tomorrow we see Nifty scaling 16,100 levels too. The underlying structure of the markets is quite positive”

On the investment strategy which must be adopted by traders and investors at this point, he said that it still remains a buy on dips market. He also recommends investors to go long on the Nifty and Nifty Bank going forward.

Among sectors he is bullish on key four sectors to ride the next wave. He said, “Momentum can be seen in 4-5 large sectors like Cement, metals, IT, Pharma and Banks which also have a total weightage about 65% in the markets indicating the Nifty will move higher too.”

Stock Recommendations

Marico | Buy | Target: 550 | Stop Loss : 530

Glenmark Pharma | Buy | Target: 680 | Stop Loss: 650