Nifty headed for 16,400 soon; IT, auto, and bank stocks may outperform, charts show
NSE Nifty 50 reached fresh all-time highs earlier this month only to witness profit booking from the highs and push the index lower. Now after having seen a healthy correction, the NSE Nifty 50 may soon resume its northward march, and this time scale fresh highs near 16,400, said brokerage firm ICICI Direct. “We expect the Nifty to maintain its northbound journey and gradually head towards our earmarked target of 16200-16400 range, led by IT, BFSI, auto and infra,” analysts at ICICI Direct said in a note. Earlier this month, Nifty climbed to 15,901 — an all-time high and has since witnessed a healthy correction. Now technical analysts say the index faces resistance near the 15,900 levels.
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