Chandan Taparia of Motilal Oswal Financial Services said the index is all set to hit fresh life highs of 11760 by 8-10 weeks or by May-end.
What a day for Indian markets! A 500-point climb but then the rally fizzled out towards the close of the session.
The S&P BSE Sensex closed above 38,000 for the first time since September 14, 2018, while the Nifty50 also reclaimed 11,400 for the first time since September 18, 2018, and is all set to hit higher target towards 11,500 levels.
The market rallied for 5 straight days post LS poll announcement, for the first time in at least 15 years, CNBC-TV18 data showed.
Indian markets end at a fresh 6-month high fuelled by gains in banking space. The NiftyBank posted a record close and recorded the biggest weekly gain since May 2016.
The NiftyBank closed 1.58 percent higher or 458 points at 29,381. It hit a record high of 29,520.70. Banking stocks gained the most, led by State Bank of India, Punjab National Bank, Bank of Baroda, ICICI Bank, Kotak Mahindra Bank, and IndusInd Bank.
On a weekly basis, the market extends weekly gaining streak to 4 weeks in a row. The S&P BSE Senses rose 3.69 percent while the Nifty50 gained 3.5 percent for the week ended 15 March.
Experts feel that investors should remain stock specific but at the same time, Nifty50 is all set to hit fresh highs in the next 15-20 weeks.
"Nifty50 rallied over 550 points after giving a breakout above 10,985. Nifty was consolidating in a narrow range but then suddenly momentum led by banks fuelled rally and is more likely here to stay because it is led by many heavyweight stocks," Chandan Taparia, Associate Vice President, Analyst-Derivatives, Motilal Oswal Financial Services told Moneycontrol.
Stocks in news
Bharti Airtel fell nearly 2 percent after Jefferies downgraded the stock to underperform from hold rating and cut the price target to Rs 270 from Rs 280.
The share price of CMI rose 6 percent after the company included as a vendor with a few prestigious companies in the third quarter ending December 2018.
Prestige Estates Projects gained 2 percent after Deutsche Bank initiated coverage with a buy call on the stock.
Asian indices ended on a higher note on Friday on the back of Bank of Japan’s monetary policy decision.
The Nikkei ended 0.77 percent higher at 21,450.85, while Shanghai Composite rose 1.04 percent at 3,021.75.
Kospi was up 0.95 percent at 2,176.11 and Hang Seng jumped 0.56 percent at 29012.26.European markets are also trading with marginal gains on Friday with FTSE rose 0.54 percent at 7,224.18, CAC was up 0.46 at 5,374.13 and DAX was up 0.35 percent at 11,627.97.The Great Diwali Discount!
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