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Last Updated : Apr 06, 2019 09:42 AM IST | Source: Moneycontrol.com

Remain extremely bullish on broader markets, Bank Nifty to see 34,000-35,000 in 2019

Nifty Midcap index has support at 17,900; a breach could invite some selling pressure.

Sunil Shankar Matkar

Banking has led the rally until now, and we expect the same leadership to continue. Bank Nifty 34,000-35,000 is certainly possible in 2019, Sahaj Agrawal, Vice President Derivatives, Kotak Securities said in an interview to Moneycontrol's Sunil Shankar Matkar.

Q: Will Nifty find strong support at 11,500 and move beyond 11,761 in coming week?

For the April series, we are seeing support for Nifty at 11,570 (spot). As long as we sustain above the same, a new high is not ruled out.

Close

A breach of the same on closing basis would push the market into consolidation for the rest of the series.

Q: Do you see further correction in midcaps; what are charts telling?

A: A stellar rally was seen in the month of March. We expect some consolidation with sector-specific performances to continue.

Some healthy correction in midcaps cannot be ruled out. Nifty Midcap index has support at 17,900; a breach could invite some selling pressure.

Q: Will Bank Nifty hit 35,000 in 2019?

In my opinion, the undertone of the markets is very strong. We remain extremely bullish on the broader markets.

Banking has led the rally until now, and we expect the same leadership to continue. Bank Nifty 34,000-35,000 is certainly possible in 2019.

Q: Is it the right time to take a position in IT counters?

A: IT stocks are trading near the higher end of the trading range. Considering a strong possibility of some consolidation/correction in the broader markets, I would suggest accumulating the same on meaningful corrections.

Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Apr 6, 2019 08:22 am
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