See Nifty hitting 16,600 over next 5-7 sessions: Mudit Goyal, SMC Global

Indian equities erased gains and slipped into the red amid profit-booking The frontline BSE Sensex declined 108 points, or 0.2%, at 54,261 levels while the Nifty50 index dipped 45.5 points, or 0.28%, to quote at 16,214-mark. Both the indices hit new highs of 54,576.64 and 16,294.65 in morning deals. Among sectors, all except the Nifty IT index were in the red led by banking and realty counters. Mudit Goyal of SMC Global spoke to Money9 on the way forward for the markets.

“Buy the dips as the Nifty is likely to move further . I see the Nifty touching 16,600 in the next 5-7 sessions. Investors can also look to invest in the Nifty Bank, I see the 37,200 levels approaching post the dips which I see as buying opportunities for investors now.”

On the buzzing stocks including SBI earnings, he believes investors can buy the dips being seen today and one can see 510-560 levels approaching.

Stock Recommendations

L&T | Buy | Target: 1660 | Stop Loss: 1605

Bank of Baroda | Buy | Target: 87 | Stop Loss: 81