Gautam Shah, Founder & Chief Strategist at Goldilocks Premium Research believes that a foundation is being laid for a 500-point breakout on the upside for Nifty. According to Shah, banks could take a back seat while IT and pharmaceutical will take Nifty higher. For the Nifty, Shah has a broad range of 11,290 to 11,600.
Sector-specific, Shah believes that the auto and metal index are bracing for a big move. Shah has a midcap index target at 18,500 while small-cap index could move to 6,700.Watch the video for more