Nifty may break 11,000 levels in pre-election rally, says Yogesh Radke
According to Radke, if Nifty breaks 11,000 on a sustainable basis then the index can reach 11,500 or higher
The markets are trading flat ahead of February F&O expiry amid negative global cues as Donald Trump and Kim Jong Un cut short their summit schedule. In the last three series, the market has made a doji formation on the Nifty.
According to Yogesh Radke, Head of Quantitative Research, Edelweiss Securities, the market may see volatility in the last half hour of trade.
"Besides expiry, there is also the MSCI re-balancing and activity from arbitragers on redemption of their Bharat-22 units could also aid volatility, he said in an exclusive interview to CNBC-TV18 .
However, today could be the last day of selling pressure for some of the Bharat-22 names and eventually that index should start moving upwards, Radke added.
"Bank Nifty will be driven by heavy weight stocks and so investors should focus on Nifty index as a whole. On the lower side 10,500 on the Nifty could be a sustainable level. 11,000-10,500 levels should continue for few more days but eventually 11,000 levels would break as we enter pre-election rally," Radke explained.
According to him, if Nifty breaks 11,000 on a sustainable basis then the index can reach 11,500 or higher.
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