Goldilocks Premium Research expects Nifty to move towards 15,650 and then 16,000, Gautam Shah, founder & chief strategist of the technical research firm, told CNBC-TV18.

“There is a lot more upside, there are no signs of topping out. The market has climbed the wall of worry and people are now convinced that the market knows the economy much better than all of us put together. Therefore, in the near-term, we could be moving towards 15,600-15,650 but eventually, the foundation has been laid for 16,000,” he said.

On Nifty, Shah said, “Banks are going to take it to 16,000 and it’s clear because they underperformed for a couple of months while the COVID second wave played out and as the numbers started to ebb, on the COVID front, banks and autos started to do well.”

According to him, ICICI Bank and SBI will be the stocks to watch in this upmove. “There are new leaders emerging; in the past, it was HDFC Bank and Kotaks of the world, but they have underperformed and ICICI Bank and SBI have taken over a trend which I see continuing over months to come,” said Shah.

For the entire interview, watch the video

(Edited by : Abhishek Jha)