Nov 09, 2012, 08.35 AM | Source:

Nifty may skyrocket to 6000 this Diwali

Diwali will be really auspicious for the Indian market this year. The market will win over the evil called 'risk' and rejoice its victory with good returns. Market experts, told, that the Nifty would be anywhere between 5,850 and 6,000 by this Diwali. Measuring from the current level, 5,760, it is a decent return.

Moneycontrol Bureau

It may have been gloom and doom in the stock market for much of this year so far, but market experts are betting on some fireworks in the run up to Diwali. The positive outlook could stem from the gains over the last one-and-a-half months and the market being able to hold on to most of those. One can argue that the situation, on the ground, has not changed much: the issues weighing on the world economy and financial markets are yet to be resolved. But the mood has definitely changed for the better.

Market experts, spoke to, expect the Nifty to be anywhere between 5,850 and 6,000 on Muhurat trading day, Tuesday. The upper end of the band may look a bit ambitious, considering there are only three sessions to go for Muhurat trading. But as veteran brokers point out, positive sentiment is one of the essential building blocks of any rally.

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Market veteran Deven Choksey of KRChoksey said the market is on a take off mode.

About a month back, even independent market analyst Ambareesh Baliga was looking at over 6,000 level for the Nifty by Diwali. However, he has revised his target to over 5,850 by Diwali. "We are clearly in an upward trajectory and 6,000 plus target should be achieved later this month," he said.

Meanwhile, Kartik Mehta, Sushil Finance said the rally in the market is likely to continue. "The Nifty is likely to touch 5,900-6,000 by Diwali. However, he also warned that the market may cool off by November 22, as most of the liquidity will be taken off table and euphoria around the US elections will be over. Winter session, which will start from November 22, is also likely to be a spoiler for the market," he added. 

On a cautious note, Rajesh Tambe of Suresh Rathi Securities said that Diwali will not be a big event and the market would remain unchanged. He does not expect any major rallies in the Sensex and the Nifty this Diwali. According to him, the Sensex may trade in 200-300 range by Diwali.

Dipen Shah, Kotak Securities sees the Sensex in the range of 2%, up or down, 18,524.37-19,280.45 and the Nifty in 5,644.9- 5,875.30 range.

Following are the targets that experts are betting on:

Market expert

Target for Nifty

Target for Sensex

Deven Choksey, KRChoksey



Sudip Bandyopadhyay, Destimoney Sec



Madhumita Ghosh, Unicon Financial



Varun Goel, Karvy Stock Broking



Aditya Damani, MLR Securities



Samir Gilani of MAPE Securities



Kartik Mehta, Sushil Finance



Ambareesh Baliga



Dipen Shah, Kotak Securities

5,645- 5,875



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