Expect Nifty to touch 18,000 next week: Sanjiv Bhasin

“A thumbs up from my side as we see 18,000 after the policy next week and we will take it from there,” says Sanjiv Bhasin, Director, IIFL Securities.

This is ‘Kabhi Khushi Kabhi Gum’ market. You buy the market when there is bad news and you sell the market when there is good news. Which side of the market are we on?
I am on the side which makes money. The Nifty is struggling at 17,000 and the worst shares SBI, Bank of Baroda, Can Bank are hitting new highs. Now we have Maruti joining the lines. So someone has got it wrong with all those tom-toming midcap IT and how IT is the only performer! IT is sitting down in the dumps but that is a natural process.

The market is adjusting to higher rates which is showing growth and rates cannot go without sync. We are well poised to go back to 18,000 next week. Results have been standouts and now there is enough cushion on the legs with the downside in IT, pharma. Look at the metal index. So, a thumbs up from my side as we see 18,000 after the policy next week and we will take it from there.