Hopes of strong June quarter results, supported by a firm global set-up, lifted benchmark indices over 0.6% higher on Monday. The Sensex was up 300 points or 0.57% at 52,887, and the Nifty was up 96 points or 0.61% at 15860 in early trade. All the sectoral indices are trading in the green, with realty index up 2%. BSE Midcap and smallcap indices up over 0.5% each. Nilesh Jain from Centrum Broking spoke to Money9 to share insights on the markets and trading strategy for investors today.
“15,950 is the immediate hurdle for the Nifty. There could be some consolidation in the short term but positionally we can expect the Nifty to claim 16,000 and 16,100. For the immediate term Nifty has support placed at 15,700. For the Nifty Bank inching higher is a positive sign. Expect Nifty Bank to outperform in August”, he said.
He also believes that broader markets will sustain the outperformance. On the specific sectors it is the realty space which is buzzing.
“Like stocks like Oberoi Realty from the realty space and from the auto space on the back of auto sales, we prefer Maruti.”
Cochin Shipyard | Buy | Target: 400 | Stop Loss: 368
HDFC Life | Buy | Target: 690 | Stop Loss: 655
Tata Chemicals | Buy | Target: 810 | Stop Loss: 755
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