Definedge Solutions' Abhijit Phatak remains optimistic about a further rally in the Nifty, with the upside breakout “still having some legs”.
Phatak, while speaking about near-term technical and derivative trends for stock markets with BloombergQuint, said he expects sectors like metals, including companies like Tata Steel Ltd., select financial stocks such as HDFC Ltd. and information technology firms to sustain the rally in the near term.
He, however, said the IT sector could enter the sideways mode after a successful run in the recent past. He also said the Bank Nifty wasn’t participating with “full gusto”, and that Reliance Industries Ltd.’s chart isn’t showing the “exuberance that’s expected from the big boy”.
Watch the interview to know more:
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