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Nifty could be headed to 17,800 levels : Analysts

The Nifty is probably going to touch 17,700-17,800 subsequent to organizing a convention of almost 10% from the lows of March, said technical and derivatives analysts. They don’t anticipate that the index should break the key support threshold of 16,800 as the market has taken worries over the US Federal Reserve’s rate climb plans in its stride. The Sensex ended up 1,047.28 focuses, or 1.84%, at 57,863.93 on Friday and the Nifty acquired 311.70 points, or 1.84%, at 17,287.05. The Nifty rose 3.9% last week, outflanking every one of the regional peers.

As 17,500 is probably going to offer obstruction, we could see some benefit taking around these levels. Traders with risk appetite can involve plunges to construct long positions in Nifty fates for an objective of 17,700 with stop loss at 17,100. Absolutely from a medium-term investment horizon, chemical stocks are showing solid force (like GNFC, Chambal Fertilizers, Coromandel International, Deepak Nitrite and SRF) and can be assessed for investment.

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