Nifty breaks 4700; 5K closer to reality now, say experts

It was a surprise turn for the markets on Friday. Trade started off with much uncertainty but went on to spurt ahead later in the day. The markets continued to extend their gains and closed at fresh 2009 highs. Positive global cues and strong buying interest helped the markets extend their winning streak to seven straight sessions. It was the large-caps that proved to anchor the market taking it past 4700 and more importantly, keeping it there.

Pashupathi Advani, Advani OTC Dealers believes September would be an interesting month and sees the Nifty hitting the 5,000-mark. However, he does fear that rainfall would play havoc with the market sentiment

Prakash Gaba, Technical Analyst too endorses a similar view saying that the Nifty could cross 5,000. "A close above 4,789 can take it to 5,154 levels." Similarly, on the Sensex, he feels that 16,046 is a strong support level and close above 17,249 will rally the markets further.

Gaba says that the Indian markets have formed a base. The rally was strong. It consolidated in the narrow band and now the rally will get even stronger. The S&P 500 is showing a classical reversal pattern. Jitters in the Chinese markets will not impact the Indian markets. Reliance Industries can touch Rs 2,200 in the near term. If the rally continues it can also go up to Rs 2,400-2,600. He maintains target of Rs 885 and Rs 2,000 on ICICI Bank and SBI, respectively. He is bullish on the mid-cap and small-cap space and one could fetch 30-40% return in the near term.