Subscribe To Our Free Newsletter |
Back on track! Nifty just shy of 7900 mark
Amar Ambani, Head of Research, IIFL, said, “Market participants will anxiously look forward to the Fed meet. Should the Fed choose not to do anything, it has two more occasions this year for imposing the rate hike. The Fed event aside, we cannot ignore the macro-economic tailwinds on the fiscal and current account fronts. Technically, Nifty managed to successfully sustain above the neckline of the bullish inverted head and shoulder pattern which indicates that we are heading towards the 8100 mark in the near term. We expect Bank Nifty to lead the upswing from here on. Private banks like ICICI Bank, Axis Bank, IndusInd Bank and PSU heavyweights like SBI and Bank of Baroda are the preferred picks.”