Prabhudas Lilladher’s joint managing director, Dilip Bhatt, said the optimism in market may continue on the back of sobering commodity and crude prices. In the short term, he added, the Nifty is expected to see 300-400 points jump by June end.
A heap of buy orders greeted the Indian market on Friday. It was a promising day for the equities as the market cheered the victory of two political queens: Mamata and Jayalalithaa. However, as closing bell neared, the benchmark indices managed to hold to only half of the gains, thus, wrapping the week with the cloud of uncertainty hanging over investors.
The Sensex closed at 18531.28, up 195.49 points or 1.07% and the Nifty ended at 5563.80 up 77.65 points or 1.42%. The breadth of the market was encouraging for bulls. About 1634 shares advanced, 1195 shares declined, and 812 shares remained unchanged.
Dilip Bhatt, joint managing director of Prabhudas Lilladher said the optimism in market may continue on the back of sobering commodity and crude prices. In the short term, he added, the Nifty is expected to see 300-400 points jump by June end.
“However, the broad-based index may remain range-bound between 5,400 and 5,700 levels for the entire year. Despite the existence of positive drivers, concerns like high inflation and interest rates are expected to bring stiff resistance around 5,700 mark,” he further said.
Ambareesh Baliga, COO of Way2Wealth said the good news has already arrived. Baliga added that inflation is likely to slacken over the next 3-4 months and the commodity cycle has started correcting. On the Nifty, Baliga encouraged, the index will not break 5400 levels decisively, in case it breaks below that, investors should put in more money.
However, Mithil Pradhan, technical and derivatives analyst is relatively bearish. On the Nifty, Pradhan said, a break down to 5200 is likely.
Pradhan warned investors that if Nifty violates 5,615 and 5,670 on the upside, it could further rally towards 5,900 to create a larger corrective pattern, though, this will last only for the short-term.
For complete interview watch the accompanying video.
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