Have long-term target of 18,000 on Nifty; banks & RIL key drivers: CLSA

CLSA's global technical analyst Laurence Balanco on Monday said that the brokerage house continues to have a long-term target of 18,000 on the Nifty.

“In the short term, Nifty can correct to 13,500-13,700 area and that will set up the platform for the next leg to the upside," he said in an interview with CNBC-TV18.

On the sectors front, he said, “We think banks are the key components driving the market high and outside of banks we think the autos will continue to participate and in the largecaps, Reliance can also be a key driver for the market moving towards 18,000 target.”

Disclosure: Network 18, which publishes cnbctv18.com, is a part of the Reliance Group.