Markets at Olympic heights, experts see Nifty crossing 16,400 now

Equity benchmark indices scaled fresh highs on the first tick on Wednesday. S&P BSE Sensex climbed 54,000 for the very first time. Sensex touched a fresh all-time high of 54,258 points, jumping 0.81%, while the NSE Nifty 50 breached 16,250 for the first time ever, gaining 0.72%.

Except FMCG, all other sectoral indices are trading in the green with metal index gain 1%. BSE midcap and smallcap indices are trading in the green. HDFC was the top gainer on Sensex, surging more than 3% on Wednesday morning, followed by ICICI bank. HDFC Bank, Kotak Mahindra Bank, IndusInd Bank, and Axis Bank were all in the green.

Rajesh Bhosle, Tech Analyst at Angel Broking  spoke to Money9 on what’s next for markets going forward.

“The bias in markets is positive and the Nifty is seen crossing 16,400 now, traders are advised to buy for a target over 16,400-16,430. Nifty Bank has been an underperformer but once 36,000 is breached then we can expect a rally further.”

Although he does believe that the markets have had a one way rally so investors must not be aggressive in current markets.

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