Expect to see Nifty hitting 16,000 soon: Rahul Sharma, Equity99

Indian equity benchmarks were on track to close higher for second straight session led by gains in ICICI Bank, ITC, Axis Bank, Infosys and HCL Technologies. For most part of the day, the benchmarks traded in a narrow band but buying in banking stocks in late morning deals helped Sensex and Nifty break the rangebound trade on the upside. The Sensex rose as much as 277 points and Nifty 50 index was firm above its important psychological level of 15,850.The Sensex was up 190 points at 53,026 and Nifty 50 index advanced 49 points to 15,873 in afternoon trade.

Rahul Sharma, Head of Research at Equity99 spoke to Money9 and said ,”15,750 will be the support for the Nifty but continue to hope to see 16,000 levels being hit. The Nifty Bank trading is still subdued but earnings from ICICI Bank and others will be key triggers. I expect Nifty Bank to move towards 25,500 to 36,000 levels.”

New age companies and new listings he believes will keep the traction high in the broader market space.

“Don’t think large caps now have a lot of upside left, believe broader markets will outperform”, he said

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