Largecaps will overtake midcaps post 5700: ICICI Sec

The market has been range-bound for quite sometime and surprisingly the band seems to be tightening down with every new session. The Nifty is likely to register 100-200 points upmove in the near-term, says Piyush Garg, Chief Investment Officer at ICICI Securities.

He is of the view that midcap counters are likley to attract positive sentiments till Nifty sustains above 5,600 levels. However, Garg points out that once the 50-scrip index crosses 5,700 levels, largecap stocks are expected to comeback in action. Sector-specific, he is bullish on the country's telecom story and expects these companies to participate in any uptrend.
Talking about the recent flurry of foreign direct investment (FDI) reforms seen in multi-brand retail, he stated that stocks in this space are likely to see news-driven traction.