Gautam Shah, founder and chief strategist at Goldilocks Premium Research, on Thursday, said that there was a possibility of the Nifty hitting 13,000 in a few weeks as the market is headed higher and it is only going to get better.
He said that not only the Nifty but broader markets are also likely to get stronger.
“I think the run has just started. One should not look at it from a short-term perspective because there are much greater games to pay for and in the oil and gas space the charts are really nice. So a 10-12 percent upside over the next 4-6 weeks on the entire oil and gas index looks likely,” said Shah in an interview with CNBC-TV18.
About Nifty Bank, Shah said, “With the price performance in the last couple of months, one would notice that Nifty Bank took a little bit of a time to get past the post-tax announcement high and that happened in the last one-one-and-a-half week and after having done that the Nifty Bank has greater momentum than the Nifty.”
Speaking about telecom space, he said, “Telecom has not worked for many years and I wouldn’t want to commit too much into telecom stocks after they have run up so much and there is so much news flow doing the rounds. The medium-term charts are still very weak and I don’t think this is a good time to be lapping them up.”
“There are much better bets in the market and there is one underperforming space which is going to make a big comeback — pharma. It was in a 3 year bear market, I think that bear market got completed 2 months back and if this pharma recovery is for real, which I think is the case, this entire pack can give 20 percent move over the next 2-3 months,” Shah added.