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Nifty likely to cross 18,950 mark in December, says Goldilocks' Gautam Shah

On November 24, the Nifty 50 reported a record closing high of 18,484 and now remains 120 points away from its previous record high of 18,604.

November 25, 2022 / 09:13 AM IST

The Nifty 50 index is likely to cross the 18,950 mark in the month of December, implying a new record high for the benchmark index, according to Gautam Shah - founder and chief strategist at Goldilocks Premium Research.

"Very, very soon you should see the Nifty get pass 18,600 which was the lifetime high and eventually, we should see the market head towards 18,950," Shah said in an interaction with CNBC-TV18. "So I reman bullish as ever."

Shah remains extremely bullish on Indian markets as he believes, "all dips (in prices) are buying opportunity" and that the Nifty Bank index is showing "no signs of topping out."

On November 24, the Nifty 50 closed at 18,484 and now remains 120 points away from the 18,604 record high hit in the past.

Also read: Sensex at record highs: Tempted to take profits off the table? Think again

Shah suggested the two sectors investors should stay away from are FMCG and pharma, adding that he is also not very comfortable to bet on airline stocks yet.

“All travel-related stocks are likely to do well and the entire space looks good, but just be choosy. I am still not very comfortable with airline stocks given what has happened on the earnings front, but except airlines, everything else looks pretty good,” he said.

He mentioned that midcap IT stocks look attractive from a 12-18 month timeframe.
Moneycontrol News
first published: Nov 25, 2022 09:04 am