Buying in heavyweight stocks can take Nifty to 17,000: Mudit Goyal

Domestic benchmarks indices Sensex and Nifty 50 were trading flat on Thursday morning, the F&O expiry day of August contracts. BSE Sensex was hovering around 56,000 and Nifty 50 above 16,650 with minor gains. Mudit Goyal, senior research analyst at SMC Global Securities, spoke to Money9 and shared investors’ strategies.

“Buying in heavyweights will take Nifty to all time high-levels further. Today’s target on Nifty is 16,720 and once that gets taken out then 16,750 can be seen today. If the bullish trend continues, in next few sessions we can see Nifty even clocking in 17,000”, he said.

Among sectors, he believes IT, FMCG and Metals are likely to remain in the uptrend. Although he says that one can stay away from Oil Marketing Companies (OMC) stocks in the interim.

Stock Recommendations

L&T Tech | Buy | Target: 4020 | Stop Loss: 3900

Tata Chemicals | Buy | Target: 845 | Stop Loss: 818