Nifty may take breather after claiming 17,500: Milan Vaishnav

Domestic equity markets soared higher on the first tick, starting the day at fresh all-time highs. S&P BSE Sensex breached 58,400 for the first time to reach a high of 58,472 while NSE Nifty surged to 17,421. Bank Nifty on the other hand moved up but underperformed the benchmarks and was seen hovering near 36,900 levels. Milan Vaishnav of Gemstone Equity Research spoke to Money9 on the way markets will be headed from current levels. "We are in a bull market but would call this rally a defensive bull run. Nifty can move up to 17,500 but then take some breather as well. While the Nifty bank has been an underperformer, I expect it to move higher from these levels also now", he said On the heavyweight stocks like Reliance Industries clocking in new records, he said that the stock has seen massive break out of multi months. Short term traders can ride the trend with strict stop losses. "Long term investors can enter RIL at current levels but must have a 2-3 year vision", he added Stock Recommendations Godrej Properties | Buy | Target: 1650 | Stop Loss: 1550 HPCL | Buy | Target: 289 | Stop Loss: 268 Alkem Labs | Sell | Target: 3700 | Stop Loss: 3890