The Nifty, which ended up 10.75 points, or 0.1%, at 15,208.45, is just 1.5% away from record highs of 15,431.75 hit on February 16.
The Nifty has formed a strong support base in the 14,400-14,600 range despite earlier anxiety about surging Covid cases across India and now the broad sector participation is likely to ensure the trend remains positive, said ICICIdirect. The index has risen 7.5% from the low of 14,151.40 touched on April 22.
“The formation of higher peak and trough coupled with multisector participation make us confident of reiterating our structural positive stance. We expect the Nifty to resolve above lifetime highs of 15,400 and eventually head towards the revised target of 16,400 over the next quarter, led by BFSI, consumption, auto and infra,” said ICICIdirect.
The brokerage said any dips in the market should be used to accumulate quality large-caps and midcaps. Broader market outperformance is likely to accelerate with small-caps catching up, the brokerage said.
