Nifty50 index likely to scale 16,000 in Q2, say technical analysts

Experts said the performance of banking and energy stocks, mainly Reliance Industries, will be the key for the market to hold on to current levels

The benchmark Nifty50 index hit a fresh high for a second day in a row on Friday, closing at 15,435.65. Analysts believe the index could head towards 15,600 in the near term as many technical indicators are currently flashing positive signals.

However, given the sharp rise over the past two weeks, investors need to keep a close watch on key support levels such as 15,400 or 15,350.

“We may see more upside in the near term if index manages to hold above 14,350, immediate support is near 15,400-15,350 and immediate hurdle 15,500-15,600 zone,” said Rohit Singre, senior technical analyst, LKP Securities.

MarketSmith India