Reliance Industries may take Nifty to 16,000: Nilesh Jain, Centrum Broking

D-Street clocked a gap-down start on Monday as concerns about the impact of elevated inflation and Covid-19 outbreaks on economic prospects weighs on sentiment. The benchmark Sensex declined 360 points in early deals to trade at 52,781 levels, while the Nifty50 started with a 100-point cut at 15,823. In the broader market, the BSE MidCap and SmallCap indices slipped 0.4% and 0.3%, respectively.

Nilesh Jain from Centrum Broking spoke to Money9 and said, “Markets have shown resilience every time a dip takes place. Nifty may close the gap towards the end of the day. 15,600 is being seen as a make or break level for the Nifty now. On the higher levels, we may see a pull up towards 15,900-16,000”

The focus seems to be shifting to defensives now. He believes, IT and Pharma must be in everyone’s portfolio.

“In the view of the Reliance Retail ventures – Justdial deal taking place, I believe the news is partially priced in the JustDial counter however, one can definitely look at RIL as this stock can take the Nifty towards the all time high levels of 16,000.”

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