Nifty likely to make another attempt to cross 20K mark

by IANS |

New Delhi, Sep 11 (IANS) In the present favourable market mood, Nifty is likely to make another attempt at a new record high trying to conquer the psychological market of 20,000, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

But investors have to be cautious since fundamentals do not support a sustained rise above 20,000. Large FII selling may re-emerge at higher levels, he added.

The market is ignoring worries arising out of crude at $90. Some profit booking in small-caps is advisable. Now, safety is in quality large-caps, he said.

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said Nifty extended the gains further ahead with sentiment getting better and ended above the 19,800 zone to register the highest weekly closing, turning up the weekly trend after five weeks and strengthening the overall trend further.

The index is expected to march towards the 20,000 zone in the coming sessions with 19,600 maintained as the near-term support level. The support for the day is seen at 19,700 levels while the resistance is seen at 20,000 levels, Parekh said.

BSE Sensex is inching towards the 67,000 mark. BSE Sensex is up 346 points at 66,944 points. Maruti and HCL Tech are the top gainers, up 1.4 per cent.