Nifty set to hit 16,800 in coming days: Nilesh Jain, Centrum Broking

Domestic equity markets began trading in the green, touching fresh highs but soon gave up gains to trade with losses. S&P BSE Sensex reached a fresh all-time high of 55,514 before slipping to trade 0.20% in the red. NSE Nifty 50 touched a high of 16,550 but soon slipped marginally below 16,500. Bank Nifty was holding above 36,000 but was down with losses. Broader markets were mirroring the downfall. Nilesh Jain of Centrum Broking spoke to Money9 on the best ways for investors to approach the markets. "The structure of markets is bullish, Nifty looks set to hit 16,800 and the downside looks capped. The Nifty Bank needs to now participate to push the Nifty towards higher levels", he said. On whether it is time to switch to large caps, he believes, the next leg of rally will be led by quality stocks. RIL, HDFC, HDFC Bank, HUL the heavyweights are yet to see a rally, so investors must pick and choose now. "The sectors one must focus on now is the defensives, IT, Pharma and FMCG with select stocks"

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