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By Abhishek KarandeTechnical and alternate strategy, Indianivesh SecuritiesWhere are We The Nifty posted a new high of 11,390 and continues to march into an uncharted territory.
This move unfolded on back of the bulls surpassing the intermediate hurdle of 11,200.
The ongoing momentum is likely to continue because the index shows the potential to go all the way to 11,700 with intermediate levels placed around 11,500.
What is in Store In a similar manner, the Nifty IT index could continue to oscillate higher into an uncharted territory along with the benchmark index.
Infosys will be the stock to keep on your radar.
It has surpassed its June 2016 highs and posted the highest close for July 2018 at Rs 1,365.
We believe the stock is poised to unfold on the higher side for an initial target of Rs 1,500.
On sustaining at higher levels, the price could continue its positive momentum for an extended target of Rs 1,600 mark.
What could Investors Do Within the oil and gas space, we believe GAIL is poised to oscillate towards the northern trajectory from its current market price of Rs 388.
The initial target for GAIL is placed at Rs 450 and it holds the potential to touch Rs 550 and could possibly outperform its peers as well.
Within the pharma sector, Sun Pharma is approaching a crucial levels of Rs 610.
A decisive break of the level will strengthen the bulls for higher moves initially till Rs 690-700.
Similar upmoves can be seen in Aurobindo Pharma, which is approaching its crucial resistance of Rs 630.
A break above the level could trigger a positive momentum.
Similarly, Glenmark Pharma is gaining momentum at the current level of Rs 597, with intermediate levels placed around Rs 610.
A break of this level will open the way for an initial target of Rs 640.
