Author Topic: CLSA Nifty to Hit 11,500 in 12 Months  (Read 1763 times)

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komal

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CLSA Nifty to Hit 11,500 in 12 Months
« on: July 24, 2015, 09:11:38 PM »
CLSA Technical Analysis of Indian NIFTY

"In next three months, we see Nifty consolidating around 8,800, which will be the cap of the current rebound that we are witnessing," he said.

According to Mr Balanco, Indian markets are going through a consolidation phase so June lows (7,940 on Nifty) are possible again. It is for this reason that CLSA advised its clients to stay away from the current consolidation phase.

"Before we see a real secular uptrend we can test the June lows again... Market is forming a triangle pattern which makes us believe that market may see lower levels again," said Mr Balanco.

The brokerage wants investors to take fresh positions around 8,000 levels in the Nifty. It expects the Nifty to reach levels of 11,500 over the next 12 months.

Among stocks, CLSA is bullish about Reliance Industries and banks; it expects them to take the lead in the next phase of market rally. CLSA expects Reliance Industries to touch Rs 1,170 levels.

According to Mr Balanco, Reliance Industries has broken out of January-June head and shoulder pattern, so the up move can extend to Rs 1,170 levels.