Indian markets gained for the fifth straight week with the Sensex and Nifty ending higher by nearly 2% each. Sensex closed above 60,000-mark for the first time on September 24, led by the strong gains in IT and banking stocks. Buying was also seen in realty and auto stocks while metals, PSU Bank, pharma and energy shares ended in the red.
Jay Thakkar of Marwadi Shares and Finance spoke to Money9 to share key strategies investors must follow the next week to stay on top of their trade.
“It has been a remarkable journey for market, now we are waiting to see the Nifty clocking in 18,000 anytime. From here, the next leg of the rally will not be easy for markets. So far we have only seen unidirectional move. For the near term, Sensex could move higher to 61,500- 62,000 now. For Nifty, 18,000 is the immediate target but one can watch out for 18,200 on the upside. On the Bank Nifty, we could expect to see another 1000-1200 point up-move after crucial resistance gets crossed,” he said.
United Spirits | Buy | Target: 900 | Stop Loss: 799
M&M | Buy | Target: 820 | Stop Loss: 757
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