Markets may witness some resistance: Dipan Mehta, member, BSE and NSE

Dipan Mehta, Member BSE and NSE, in a chat with ET Now talks about the markets.

Talking about the markets, good cues are coming in. Is 5500 on the Nifty here to stay?

Markets finally made its move after consolidating for an excellent period of time and the key question is whether it is able to sustain at these levels and build on the gains that it has made today. My sense is that maybe you are reaching some resistance around 5600 on the Nifty and maybe about 18700 on the Sensex.

If you noticed today’s trading, all the laggards have started moving up. Cement stocks have been going up, they have been laggards. Reliance Industries, which had been underperforming, has started rallying.

So when you have laggards doing well, it usually signals the last leg of a particular up move. Although medium to long term markets look fantastic and we should scale to higher levels, for the time being this move should find some resistance - maybe 1% or 2% above from these levels.