Nifty covered 1000-point journey from 19K to 20K in 52 trading sessions

New Delhi : Nifty covered the 1000 point journey from 19000 to 20000 in 52 trading sessions and this positive momentum is likely to continue going ahead as well, says Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Strengthening of India’s positioning in the global arena along with resilient economy would keep the earnings growth robust and provide fuel to the market.

Recently, large caps seemed to have taken a pause while rally was seen in the broader market. But now large caps too have slowly started participating and thus going ahead we can expect the up-move to be led by both large caps and mid-small caps, he said.

Nifty attained new high on Monday by crossing the 20000 milestone during the day post the successful G20 summit which boosted optimism around India’s global positioning.

Despite mixed global cues, the index closed positively for the seventh straight session with gains of 176 points (+0.9 per cent) at 19,996 levels. Broader market too touched new highs with Midcap100/Smallcap100 rallying 1.1 per cent/1.3 per cent.

PSU Banks were the biggest gainers with gains of more than 3 per cent followed by Auto, Metals and Energy stocks which increased 1-2 per cent, he said.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities said the short term trend of Nifty continues to be positive. A sustainable move above 20000 mark is expected to pull Nifty towards the next overhead resistance of around 20450 levels. Immediate support is placed at 19850 levels.