We expect upside in the long-term towards 16,400 on the Nifty, said CLSA’s Laurence Balanco on Wednesday.
“We see trading range developing and that should provide the platform for the resumption of the uptrend which would then give an extended upside target for the Nifty close to 16,400 area. So we think more volatility in the short-term but ultimately this trading range gives us a platform for a move up to 16,400,” he told CNBC-TV18.
Balanco further said, “What we have seen for Nifty and majority of regional Asian markets is a consolidation pattern. So there has been top trading range got a number of markets and Nifty is no different in that—its holding 14,300-14,500 support zone and the top end is giving resistance around 15,300-15,500."
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