Domestic equity markets continued to surge higher at new record highs of over 18,500 and Sensex breached the 61,800 mark. Bank Nifty too was up 1%, crossing 39,700. Broader markets were mirroring the up-move as well. Gaurav Garg of CapitalVia Global Research spoke to Money9 on what to expect from markets going forward.
“I think phenomenal rallies is what we are seeing for past few weeks and I think there is no resistance as such, I mean 18,500 seemed to be a major psychological resistance after which the resistance is placed between 18,800 and 18,900. All indicators are indicating that we might see 19,200 before Diwali on Nifty so which is probably 700 points move from here, on bank nifty as well and we might see a level of 41,000 hitting before the Diwali week. So, from our perspective, markets are seeming very bullish and there is nothing which is, I mean as of now, there is nothing which is stopping the markets from getting higher”, he said.
He also said that they are suggesting clients book some partial profits but for people who are long-time investors, they should not worry about these levels.
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