'Nifty likely to break 8,600; better to book profits thereon'

Considering the breakout in trade today, market experts see the 50-share Nifty heading towards 8,600- 8,650 levels soon. Once these levels are breached, it is advisable to book some profits, they advise.The Sensex, Nifty and Bank Nifty ended at fresh 10-month closing highs today. Nifty gained 145 points to end close to 8,468 while Bank Nifty gained 375 points to close at around 18,391. Technical analysts say the breakout can be attributed to both aggressive short-covering and deployment of fresh funds. "We could move further higher on the Nifty. One should carry long positions on Nifty as well as Bank Nifty," says Ashwani Gujral of ashwanigujral.com.Public sector banking stocks, according to Mayuresh Joshi of Angel Broking, have gained significantly due to hope of fresh capital infusion and stabilisation of asset quality this quarter. However, he is not keen on picking up PSU banking stocks yet.Mehraboon Irani of Nirmal Bang Securities though thinks that public sector banks can give decent returns over the next 6-12 months.SP Tulsian of sptulsian.com and Sudarshan Sukhani of s2analytics.com also shared their views on the market. Watch video for more...