Broader market not giving up, Nifty’s gradual move to 20,000 to continue: Rahul Sharma

economictimes.indiatimes.com:

Rahul Sharma, Director, JM Financial Services, says “unless and until Bank Nifty does not see a major short covering, we will see this slow, gradual up move to continue in Nifty. Testament to this is the midcap and smallcap indices which have created a new high, Nifty is expected to follow suit. So the broader market is not giving up and that is giving us confidence that eventually the ceiling should be taken out and on an immediate basis, 20,000 is what we are expecting the Nifty to test.”

On Nifty, clearly we just touch 19,800 and then we see a fall coming in. What is the view coming in for the benchmark indices? Where can we expect it to sustain above 19800? Is that something we could expect to see going forward as well as now?
Today's move could be because of the expiry data that we have and this indicates that probably in a day or two, Nifty should be taking on that ceiling of 19850 odd. The way we are reading things is either we close above the 19850 mark or there is a considerable dip which becomes a buying opportunity.

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The undertone of the market, especially Nifty, as we see it is that standalone, it is pretty bullish. This has been without Bank Nifty so far. We have seen Bank Nifty remaining a major pain point in this entire up move. In fact, Bank Nifty struggles to find even bouts of short covering whenever Nifty has gone up on the green days. So unless and until Bank Nifty does not see a major short covering, we are seeing this slow, gradual up move to continue in