Nifty50 can reach 17,350-17,400 levels as early as Tuesday as long as it holds 17,100: Himanshu Gupta
Himanshu Gupta, VP Research at Globe Capital, is of the view that the Nifty50 can head higher towards 17,350-17,400 levels as early as Tuesday as long as we it holds 17,100 on a closing basis. Any dip towards 17,150-17,160 on Monday brings pretty good reward to risk on the long side, where he prefers to place a stop loss below 17,100, and targets close to 17,300 can be eyed for the day, he says.
The Nifty Bank is also showing better relative strength and it would be interesting to see if it goes higher from current levels, he says. One can initiate long positions at 37,650-37,600 levels for a target of 38,000-38,100 with a stop loss at 37,450, according to Gupta.
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