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Banks will take Nifty to 16,000; ICICI Bank and SBI stocks to watch: Gautam Shah. Brokerages optimistic:NSE may touch 16 K.
Notwithstanding the Covid second wave threats all over the world including the Indian continent, the Bourses have discounted the impact of it and the new highs are seen in the indices thanks to multiple vaccines being brought into the fore. Corporates have also shown their resilience and many have reported reasonably good results like SBI, Indian bank, Maruti, M & M and many more. Some of the midcaps like Axis bank have also done well. The DII and FPIs are seeing the opportunity in the midst of calamity and continue to pour in their investments and hence the bourses peak in the last few week. The market pundits are still optimistic and quote confidently that the indices will still go up in the week to come of course with small technical corrections.
Goldilocks Premium Research expects Nifty to move towards 15,650 and then 16,000, Gautam Shah, founder & chief strategist of the technical research firm.
“There is a lot more upside, there are no signs of topping out. The market has climbed the wall of worry and people are now convinced that the market knows the economy much better than all of us put together. Therefore, in the near-term, we could be moving towards 15,600-15,650 but eventually, the foundation has been laid for 16,000,” he said.
On Nifty, Shah said, “Banks are going to take it to 16,000 and it’s clear because they underperformed for a couple of months while the COVID second wave played out and as the numbers started to ebb, on the COVID front, banks and autos started to do well.”
According to him, ICICI Bank and SBI will be the stocks to watch in this upmove. “There are new leaders emerging; in the past, it was HDFC Bank and Kotaks of the world, but they have underperformed and ICICI Bank and SBI have taken over a trend which I see continuing over months to come,” said Shah.
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