Stock Market

CLSA’s Balanco sees Nifty touching 11,500, driven by Nifty Bank

The Nifty has traced out an impressive long-term uptrend and could even reach the 11,500 level, said Laurence Balanco, Global Technical Analyst at brokerage firm CLSA.

Speaking to CNBC-TV18, Balanco said this breakout would be driven by the Nifty Bank. He did not give a timeline for the record highs but said the bull run would continue at least till July and said that CLSA had set a target of 10,350 for the index once new highs are achieved.

On February 23, the Nifty hit a fresh 52-week high of 8970.05 for the first time since September 2016, and closed just short of the 8,900 mark on Friday. It last crossed the 9,000 mark in March 2015. 

Balanco said the markets would pause in the coming weeks but it would only be a short-term hesitation and the broader uptrend should remain as price action is on the cusp of breaking out.

He said that December lows will be held and as long they do, the positive trend will continue.

Transcript to follow.