On Friday (27 August 2021), Nifty touched the figure of 16722. This is the highest level ever. But Nifty50 may touch the figure of 17,200 in the coming few months. According to ICICI Direct, a point of 17,200 can come in the coming few months. With this, Bank Nifty can also touch the figure of 37,700. There seems to be a good base in the banking index. Before touching the figure of 16,722 on Friday, it had touched the figure of 16,712.
Nifty will not go below 15,900
According to ICICI Direct, Nifty can move from 17,000 to 17,200. Since January till now Nifty has seen 1800 point rally twice. The current environment Nifty can reach 17,200. In June it was at 15,450. On the other hand ICICI Direct says Nifty will not go below 15,900. The 50-day EMA has also been placed at 15,900.
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Tech Mahindra, HCL Tech and Mind Tree can prove to be outperformers
According to ICICI Direct, the base of Nifty Bank Index is strong and it can achieve the level of 37,700. Bank Nifty can break the strong support of 34,500. Sensex and Nifty have touched new highs this week. However, correction has been shown in the midcap and smallcap indices.
ICICI Direct believes that large caps will outperform. According to the chart, the positive movement in the IT sector can continue. TCS, Tech Mahindra, HCL Tech and Mindtree can prove to be outperformers, while Reliance, Cyient and TeamLease are being advised to buy. Shopping can also be done in Axis Bank and Canara Bank.
(Article: kshitij Bhargava)
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