The Nifty 50 index is likely to cross the 18,950 mark in the month of December, implying a new record high for the benchmark index, according to Gautam Shah of Goldilocks Premium Research.
The monthly expiry of the November F&O series brought about a record close for the Sensex and the Nifty Bank. The Nifty 50 also reported a record closing high of 18,484 but remains 120 points away from its previous record high of 18,604.
In an interaction with CNBC-TV18, Shah said that the Nifty Bank index, which has gained nearly 20 percent year-to-date, is showing "no signs of topping out."
"We should see the market head towards 18,950. So I remain as bullish as ever,” he said.
Also Read: Nifty50 back above 18,300 led by financial, IT and FMCG shares as November F&O series draws to a close
Shah highlighted FMCG and Pharma are the two sectors that investors should stay away from. He alluded to the sharper correction within the broader markets, adding that midcap IT names look attractive from a 12-18 month timeframe. However, he is not very comfortable to bet on airline stocks just yet.
“All travel-related stocks are likely to do well and the entire space looks good, but just be choosy. I am still not very comfortable with airline stocks given what has happened on the earnings front, but except airlines, everything else looks pretty good,” he said.
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