Bullish breakout to take Nifty higher: Analysts
Technical indicators point to a bullish trend as the Nifty breaks out of a five-week consolidation, paving the way for an extended rally toward 25,200 in coming weeks, according to analysts.
Stocks like Reliance, SBI, Infosys, L&T, Axis Bank, PFC, Titan, National Aluminium, Natco Pharma, MCX, CDSL, BSE, and Indian Hotels are poised for short-term upside, they added.
DHARMESH SHAH HEAD OF TECHNICALS, ICICI SECURITIES
Where is Nifty headed this week? On expected lines, Nifty logged a resolute breakout from fi ve weeks of consolidation (24,500-23,300) that augurs well for the extension of the ongoing up-move towards 25,200. Meanwhile, the follow-through strength in Bank Nifty post two months of consolidation breakout signifi es acceleration of upward momentum that makes us believe Bank Nifty would eventually challenge lifetime highs of 54,400. FIIs have turned positive during the week as they remained buyers on three out of fi ve sessions. FIIs’ comeback would boost the sentiment going ahead.
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