Stock Tips: For the last few weeks, Nifty is trading between 15,950-15,450 and it is trying to reach the level of 16 thousand. Nifty is not able to cross the level of 16 thousand but strong base is being prepared at 15,450. According to ICICI Direct, this will help Nifty reach a record high of 16,300. According to analysts, if the Nifty closes above 15950 with the help of bullishness in many sectors, then it will be a sign of bullishness in a way. According to the brokerage firm, metal and IT stocks may see a rise in the coming times and there is a profit opportunity for investors.
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Nifty may touch the level of 16300
Analysts of IECICI Direct believe that the Nifty is going to remain bullish going forward. The support base that is being created will help Nifty reach record highs. According to the brokerage firm, if Nifty closes above 15950 due to the rise in many sectors, then it will show a sign of bullishness in the market and then Nifty can touch the level of 16300. However, if Nifty breaks below 15450 level due to global volatility, investors need not panic, but there can be an opportunity to build a quality portfolio for the medium term. Analysts of ICICI Direct believe that Nifty will not go below 15100.
These sectors can outperform
Talking about sector performance, IT stocks and metal stocks are performing better, according to ICICI’s note. These are going to continue to grow rapidly. According to ICICI Direct’s note, the bank index has been consolidating in the last two months and banking stocks are at the support level, which is a risk-reward position. 50 per cent of the level from which Bank Nifty slipped in May has retraced in the past eight weeks, indicating a positive price structure. If Bank Nifty closes above 35900 then it will be a confirmation of bullish trend in a way. According to ICICI Direct, capital goods and auto stocks are also becoming an investment opportunity with some corrections.
(Artcile: Kshitij Bhargava)