Why Reliance, HDFC Bank shares hold key for Nifty to hit 20,000 mark — explained
Stock market today: Key benchmark indices of the Indian stock market had a gap up opening during early morning deals on Thursday that has further fueled speculation for the NSE Nifty to hit 20,000 mark in near term. According to stock market experts Nifty today is facing hurdle at 19,600 and chances of Nifty hitting 20,000 levels may get more fodder only when the 50-stock index breaches this resistance on closing basis.
On how to understand whether the upside would lead Nifty index close to 20,000 mark, market experts said that one needs to remain vigilant about the movement of Reliance share price and HDFC Bank share price. They said that it is important for Reliance share price and HDFC Bank share price to gain momentum together, if Nifty has to hit landmark 20,000 mark in current momentum.
On why HDFC Bank and Reliance shares hold key in Nifty's chances of hitting 20,000 mark, Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, “Nifty has crucial support at 19,500 whereas it is facing resistance at 19,600 levels. We can expect Nifty to come close to landmark 20,000 mark only when Nifty heavy weights HDFC Bank and Reliance Industries Ltd (RIL) shares gain momentum in unison.
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