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Chartist Talks: Mid, Smallcap indices may throw a surprise party, but consolidation likely in Nifty, says Sudeep Shah of SBI Securities

Money Control · 4m

Sudeep Shah, Deputy Vice-President and Head of Technical and Derivative Research at SBI Securities, suggests adopting a cautious stance in the Nifty 50 index as it is likely to enter a consolidation phase after a strong upside rally. He also expects the broader market to show bullish momentum with a potential breakout in the Bullish Flag pattern. Shah predicts the Bank Nifty index to outperform frontline indices and reach levels of 53,200 and 53,600 in the short term. In the midcap and small cap space, a Bullish Flag pattern breakout is expected for Nifty Midcap 100 and Nifty Small Cap 100 indices. The Nifty Oil & Gas, Nifty IT, and Nifty Pharma sectors are said to be likely outperformers in the short term. Shah's top picks for stocks include Reliance Industries in the Nifty Oil & Gas sector and Persistent Systems in the Nifty IT sector.