Shillong, September 11: V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, predicts that in the current favorable market conditions, Nifty is poised to make another attempt at reaching a new record high, setting its sights on the psychological milestone of 20,000.
As per IANS, he advises investors to exercise caution as the fundamentals do not strongly support a sustained surge above 20,000, and there may be significant Foreign Institutional Investor (FII) selling at higher levels.
Despite concerns related to crude oil prices reaching $90, the market appears unfazed. Some experts recommend considering profit booking in small-cap stocks and seeking safety in quality large-cap investments.
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, notes that Nifty has extended its gains, surpassing the 19,800 mark and achieving the highest weekly closing in recent weeks. This positive momentum is bolstering the overall trend, with expectations of Nifty heading towards the 20,000 level in the near future. The near-term support level remains at 19,600, with support for the day projected at 19,700 and resistance at 20,000.
Meanwhile, the BSE Sensex is steadily approaching the 67,000 milestone, currently sitting at 66,944 points. Leading the gains are Maruti and HCL Tech, with both showing a 1.4 percent increase.