Nifty to open at 8370-8380, like large caps: Growth Avenues

The market gained strength in last hour of trade on Monday with the Nifty conquering 8300-mark supported by banks and capital goods stocks.

The market is expected to open higher supported by good macro numbers, says CK Narayan of Growth Avenues.

The market gained strength in last hour of trade on Monday with the Nifty conquering 8300-mark supported by banks and capital goods stocks. Rally in European markets also aided an upside to Indian equities.

Narayan expects Nifty to open in the range of 8370-8380 and suggests going long.

Expecting it to be an index-led rally, Narayan said he would rather stick with main Nifty names (large caps) rather than "trying his luck" with midcaps.

Below is the transcript of CK Narayan's interview with Latha Venkatesh and Sonia Shenoy on CNBC-TV18.

Latha: What is the Nifty telling you, the way it recovered yesterday is going long in the morning if you aren't already a given?

A: The SGX Nifty has spoken for us already having pushed the index up there pre-open and it looks like we are going to open higher and that is certainly following whatever macro numbers were declared last evening. So I think above 8,370-8,380 the bulls should be in the driver's seat for now and given the fact that the market is a bit light in positions, we did see a lot of positions getting squared up particularly in the Nifty itself as well as in some of the stocks. So I think that would probably favour some continued advances if the opening strength is sustained into the first half hour of play or so. Then I would think we should probably head out till about 8,500-8,525 on the futures.

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