First tartget for Nifty is 5700-5750: Hemant K Mamtani

Mr. Hemant K Mamtani, Executive Director, Head Equity Research, Wellindia, talks to ET Now on market outlook.

What do you make of the markets?

Nifty and Sensex both trying to close above the declining channel of long term so targets getting set are much higher. The first target getting set is 5700 to 5750 of Nifty and further on it will be 5900-6000.

This is a very good break out, there are certain indications which we will be confirming at the day end that there is a confirmation of a long term trend in some of the momentum indicators, after giving the initial indication last week.

Those confirmations were coming, lot of good stocks like Bharti Airtel has broken up from the declining channels, setting a substantially higher targets of 446-450 which is the all time high near to that. It has broken up from channel yesterday so it is just taking a minor pullback.