BQ Edge: IIFL Wealth’s Anu Jain On Key Support Levels For Nifty 50
All trends point to the benchmark Nifty 50 Index moving higher, according to Anu Jain of IIFL Wealth Management Ltd.
The index is up across all time frames and has been moving in a rising trend channel since March 2020, Jain, senior partner and head-equity brokerage at IIFL Wealth, said on BQEdge.
In the near term, 15,400 is an important support followed by 14,980. And while the uptrend is in a matured stage, there are no signs of peaking out, she said. While a retracement of the upmove in the index cannot be ruled out, Jain said that would be a buying opportunity.
The index and volatility have an inverse relation at crucial turning points and currently India VIX has tested February 2020 lows. Jain said a spurt in volatility in the near term is likely.
She prefers metals, IT, pharma and chemicals and is underweight on autos and discretionary stocks.
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