Market Experts Suggest Nifty Target For Next Few Sessions

As India’s benchmark indices rose for six straight weeks, logging the best weekly gains in nearly three years on Friday, market experts expect the momentum will continue.

The Nifty 50 could hit 21,250 target over the next two trading sessions, according to Chandan Taparia, head of technical and derivatives research at Motilal Oswal Financial Services Ltd.

“The trend is positive for markets. Nifty is expecting support at 20,850 and then at 20,700. If Nifty does not break 20,800, then we will see 21,250 levels,” he said.

The NSE Nifty 50 ended 68 points, or 0.33%, higher at 20,969.40, while the S&P BSE Sensex closed 304 points, or 0.44%, up at 69,825.60.

The Nifty hit the 21,000 mark for the first time during intraday trading on Friday.

Birlasoft Ltd. is Taparia’s preferred choice from the information technology sector, while TVS Motor Co. at Rs 1,820-1,840 levels is his choice in auto.

Bharat Forge Ltd. could be on the ‘buy’ radar on declines, he said. Its unit Kalyani Strategic Systems Ltd. plans to acquire majority stake in Zorya Mashproekt India Pvt., which is involved in development of indigenous capabilities for build-ups.

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