Anu Jain, senior partner of IIFL Private Wealth Management on Friday said the Nifty could see resistance at 13,150 zone.
According to Anu, "Unless Reliance Industries Ltd (RIL) picks up, the midcaps will drive the Nifty higher."
"We made a high of about 13,150 and that is going to be challenging for some more time. If we do cross that and we hold that, then you can have about 2-3 percent more. I would say that until and unless RIL decides to wake up from its slumber, you will see the midcap take it from here," she said in an interview to CNBC-TV18.
On the midcap index, Jain said, "The kind of action we saw yesterday and even today when the Nifty was pretty quiet or even went into negative zones, there was consistent up moves throughout the day in to the midcap index which is indicative that there is strength building up there."
However, she believes 21,000-24,000 to be a near term resistance for the midcap index.
Stock specific, Jain said, "Gas utilities, we saw playout today in a very big way. If one is looking at investment grade, long term stock, I would still stick with that. I think there is still space for 20-25 percent on the gas utilities."
Pramod Gubbi, co-founder of Marcellus Investment Managers said he continues to remain positive on the auto sector.
"Given the stage of the cycle we are in, one should be positive on auto as a sector. We continue to remain positive on names like Maruti, Escorts and Eicher Motors which have found their presence in some of our portfolios. We look for a more steady state recovery in the commercial vehicle space as well," he said.
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