On the last day of March series, the bulls continued to surge ahead in full steam. The Nifty, Bank Nifty and midcaps all were at all-time highs. The Sensex too scaled 100-points.
Nifty Bank ended at record closing high of 21,620.70, up 1.07 percent as Punjab National Bank, IndusInd Bank and SBI gained 1-3 percent. The NSE Nifty gained 29.95 points at 9,173.75 while the BSE Sensex was up 115.99 points at 29,647.42.
Bank Nifty was the star of the March series.
Hemant Thukral Aditya Birla Money although one may see dips in the Bank Nifty in the April series but those who buy those dips will be rewarded. Rollovers in Bank Nifty are very good and it looks prime to go to 22,000. ICICI Bank and Axis Bank have still not participated so more legs for rally in Bank Nifty
Moreover, on the Nifty until 9000 is breached, it won’t be surprising to touch 9400 in next 1-2 weeks. The momentum is really strong, says Thukral.
Mitessh Thakkar of miteshthacker.com says the outperformance of the Bank Nifty is likely to continue for few more days and so one can maintain long on Bank Nifty and some of the banking names.
However, with regards to Nifty, he says unless we get past 9200, we could see some consolidation. So, for tomorrow one could reduce long exposure and get cash ready, and when Nifty goes to levels of 9050-9020 buy it again.
It is unlikely that Nifty would get past 9200 at least in the first 2-3 sessions of the April series, says Thakkar.
SP Tulsian of sptulsian.com believes it is likely that Bank Nifty moves to the level of 21800-850 by end of March 31 and the Nifty to 9300.
Ashwani Gujral of ashwanigujral.com says one could see some dips, which should be bought into because going forward it is likely that NBFCs and financials will carry the market forward.
Market is in a strong momentum and running without news, says Gujral. The Bank Nifty is moving very strongly and dragging other heavy weights up. So 9200 on Nifty is likely to come about sooner than one is expecting.
Meanwhile, R Sreesankar of Prabhudas Lilladher picks HDFC Bank, SBI, IndusInd Bank among banks and L&T Finance amongst NBFCs.
For more on their stock specific views, watch video
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