Nifty facing strong resistance at 8,750: Deven Choksey

In a chat with ET Now, Deven Choksey, MD, KR Choksey Securities, shares his view on what can drive markets higher.

ET Now: In the interim, it seems like the Nifty is having some trouble crossing the 8,750 resistance zone.

Deven Choksey: Yes. I was making a point that the participation should come from some of the heavyweights. Today, some stability was seen in the earlier trading due to metals and some of the oil and gas stocks.

Otherwise, banks that should have bring the stability into the market, are not contributing much. If bank stocks start providing stability, then I would think that it is possible to cross 8,750 on Nifty. In case, the Nifty crosses 8,900 levels, then the market would probably get into a new territory.