Nifty50 and Nifty Bank in no man's land currently: All Star Charts

He sets a target of 20,000 for Nifty50 and support is 13,000.

Parets added that if the market falls toward 13,000, he would buy it and if it goes up to 20,000, he will sell it.

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Parets further said that he is positive on Metropolis Healthcare, and Elgi Equipment.

“I like Metropolis Healthcare. If Metropolis Healthcare is above Rs 3,200, I like that long, with a target of Rs 3,900. I also like Elgi Equipment. If Elgi Equipment is above Rs 250, I like that long and I think it goes to Rs 376,” he said.

After opening at 17,044.10, benchmark Nifty today hit the day's high of 17,251.45. At 2:46 pm, it was at 17,238.05, a surge of nearly 2 percent over the previous day's close.

At 2:50 pm, Nifty Bank was at 36,791.30, up 1055.4 points or 2.95 percent. The rally in the banking index was led by ICICI Bank, Axis Bank, Kotak Mahindra Bank, and SBI.