Nifty momentum strong; 26,000 possible by Diwali: Rajesh Palviya
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The equity markets remain buoyant with Nifty touching 25,400 this week. Analysts believe the rally could extend into next week, marking a fourth straight week of gains. Market expert Rajesh Palviya in an interview to ET Now said, “Looking at the broader market and breadth, there is a good chance Nifty ends another week in green. Any move beyond 25,450–25,500 can trigger short covering and push Nifty to 25,750.” He added, “We are holding long positions with a stop loss at 25,250. For this series, our target is 25,550–25,700.” On the possibility of Nifty hitting 26,000, Palviya remained upbeat. “If demand improves with the GST rollout, 26,000 is possible by Diwali. Mid Caps and smallcaps show buyer confidence, and 25,200 will be a key level to watch.” Banking stocks continue to support the rally. “PSU and large private banks are showing strong traction. Sectors like IT, metals, chemicals, and real estate are also doing well,” he noted. Live...