The benchmark Nifty 50 may head to the 22,800-mark this week after surging to a record high on Monday, while the Bank Nifty may struggle if a breakout from its all-time high does not happen, according to Hemen Kapadia, senior-vice president of institutional equity at KR Choksey Stocks & Securities Pvt.
"If the Bank Nifty does not break the all-time high level of 48,636 this week, it may consolidate. The 50,000 level may come next month," he said.
The Nifty Pharma will see a breakout of over 1,000 points if it manages to go past the 19,400-level, Kapadia said.
The benchmark indices kicked off the week by surging to a fresh record closing level on Monday, led by gains in automobile stocks.
The NSE Nifty 50 ended 147.25 points, or 0.65%, higher at 22,660.95, and the S&P BSE Sensex rose 494.28 points, or 0.67%, to close at 74,742.5.
Intraday, the Nifty hit an all-time high of 22,697.30, and Sensex touched a new life-high of 74,869.30.
Nifty Auto has been "leading from the front" in the market recovery from the March 2020 lows, Kapadia said.
He has a 'buy' call on Bharat Forge Ltd., with a target of Rs 1,125 and stoploss at Rs 1,150; and on Ramco Cements Ltd., with a target of Rs 890 and stoploss at Rs 830.
Companies selling air cooling/conditioning products are looking at a long runway for growth, thanks to higher summer temperatures and lower inventory levels, according to Pankaj Pandey, head of research at ICICI Direct.
"Inventory has depleted, demand looks good. This space looks attractive from a short-term perspective," he said.
Shares of Voltas Ltd., Symphony Ltd., Blue Star Ltd., Amber Enterprises India Ltd., and Johnson Controls-Hitachi Air Conditioning India Ltd. closed higher on Monday.
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