Stock market buzz: Strong buying seen in largecaps, says Mudit Goyal

 Domestic benchmark indices scaled fresh all-time highs on Wednesday’s opening bell. S&P BSE Sensex started trading above 56,000 for the first time ever, gaining 0.43%, while NSE Nifty 50 zoomed to close din on 16,700, gaining more than 0.41%. Bank Nifty was closing in on 36,100. Broader markets traded with gains as midcap and smallcap indices soared higher. HDFC Bank was up 2.5% as the top Sensex gainer. Mudit Goyal of SMC Global spoke to Money9 on what’s the way forward for markets.

“The underlying strength of markets is still intact, see Nifty now crossing 16,800 first and then hit 17,000. Investors can even buy Nifty on dips. Its a broad based buying which supporting the surge in index. FII flows are also supporting the Nifty move,” he told Money9.

With the Sensex crossing 56,000 for the first time, he believes till the time largecaps will continue its upward run, we can expect to see further higher levels.

On Nifty Bank, he said he expects the index to now break out of consolidation.

“Nifty Bank charts look positive, once it breaks above 36,200 it can first move to achieve 37,500 and then move to achieve record levels of 39,000.”

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