#39;HUL driving force behind Nifty FMCG, index could hit 33,000#39;
The Indian stock market has seen significant price action this week, and, with crossing 11,300, there is a good possibility that it will go past record highs in a quicker fashion, said market expert Jai Bala.
“If you are left out on the market, wait for a pullback. I think the market is going to do a bullish consolidation in a narrow fashion and that might be an entry point or reentry point, but if you go an entry two to four weeks ago, you are not going to get back those kind of positions. Don’t let go of it. Hold on to it,” he added.
He expects the next resistance for the Nifty Bank is 29,750.
On individual stocks, Bala is positive on Hindustan Unilever and Reliance Industries.
“HUL is the driving force behind the FMCG index. I am expecting something like 33,000 for Nifty FMCG index. HUL is heading for Rs 1,900,” he said,
“Reliance, I have always been positive since February 2015 and I am expecting Reliance to touch about Rs 1,500,” he further added.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd