Nifty Bank to push Nifty towards 18,000: Nilesh Jain, Centrum Broking

Indian stock markets Sensex and Nifty began Monday’s session on a strong note as buying was seen across most sectors led by bank and auto stocks, while on the other hand weakness was seen in select IT and pharmaceutical names. Gains in broader markets also supported the overall sentiments. Nilesh Jain of Centrum Broking spoke to Money9 on how should traders approach the current markets.

“Markets are on a strong footing and one should look at buying on declines. The Nifty is set to move higher towards 18,000, once that is taken out, one can look at 18,100-18,200 being clocked in. What is more interesting to see is the Nifty Bank is seeing a breakout from the long haul of underperformance. I see the Nifty Bank moving higher towards 39,000 now. For investors, it makes sense to remain sector and stock-specific”, he said.

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