Stock market guru, Jai Bala, on Thursday said the Nifty is behaving like a safe haven in global equity markets.
"The Nifty is quite resilient and looks like a lot of funds are moving their allocation towards India and probably that is the reason why it's holding up pretty well. Going forward, I would think the 10,333 low, the market may post the election results, that is going to hold up," Bala said.
On Reliance Industries Ltd, he said, "The company needs to go past Rs 1,300, but in the short term, it's consolidating in a range and it has been a slight short term misbehavior. However, you have to take what the markets are giving you and I would still hold on to the view that it's bound for Rs 1,300. I do not think Rs 1,010 low it made in October is going to be tested or even come close to it. I would think the current lows are very close to higher low for the stock. I would expect the trend to resume from a 1-2 day time frame."
Bala also spoke at length about Maruti Suzuki, TVS Motors, Infosys, Tata Consultancy Services, L&T Infotech, BHEL and Cyient.
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