Nifty hits all-time high of 12,311.20 levels; Bank Nifty may pull 50-stocks index up to 12,500, say experts
Nifty index has hit its lifetime high once again breaking its previous high of 12,293.90 levels today and experts are expecting further 150-200 points rise in pre-budget rally.
Nifty index has hit its lifetime high once again breaking its previous high of 12,293.90 levels today. The 50-stock index Nifty scaled up to 12,311.20 and created a new high. Nifty has taken less than a month to break its all-time high of 12,293.90 levels that it had created on 20th December 2019 trade session. According to experts, the Nifty index is further expected to scale and in till budger 2020, it may hit 12,450 to 12,500 if it sustains above 12,250 levels.
Speaking on the recent rise in Nifty Simi Bhaumik, a SEBI registered technical equity expert said, "Nifty had been trading in the range of 12,150 to 12,300 range, however, today it has managed to break its previous lifetime high of 12,293 levels. If the Bank Nifty continues to remain strong and auto and metal stocks maintain the fresh buying spree then by the budger 2020, Nifty can hit up to 12,450 to 12,500 levels.
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Standing in sync with Simi Bhaumik's views, Sumeet Bagadia, Executive Director at Choice Broking said, "Market is overall bullish. Nifty is trading in the range of 12,150 to 12,350. Any dip in the market should be seen as an opportunity to buy." Bagadia said that Bank Nifty will also witness some upside momentum as it is also trading in the range of 31,700 to 32,200 levels. He said that ICICI Bank and Kotak Mahindra Bank shares can be the engine for today's pull in the Bank Nifty index.
On how much Nifty can go till Budget 2020 Bagadia said that if Nifty sustains above 12,300 levels then we can expect it to scale further 150 to 200 points in the pre-budget rally.
Asked about the sectors that will fuel further rally in Nifty, Simi Bhaumik said that metal, auto and banking (private banks, especially Axis Bank, ICICI Bank, Kotak Mahindra Bank, HDFC Bank and IndusInd Bank) stocks will pull Nifty further 150 to 200 points if it manages to sustain above 12,250 levels.
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