‘No concerns on the charts’: Gautam Shah bets on lifetime highs for Nifty

Despite global uncertainties and intermittent market jitters, the Indian market remains firmly on track for further gains, says Gautam Shah, Founder of Goldilocks Premium Research. He believes the Nifty is displaying classic bull market traits and is likely headed toward lifetime highs.

“The fact that you are at such elevated levels of 25,000 itself is a big win,” Shah said in an interview with CNBC-TV18, adding, “I do see bull market characteristics. The price action has been super solid. There are no concerns on the charts.”

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According to Shah, the immediate support for the Nifty stands at 24,500, with a stronger investor-level support around 23,800. On the upside, he sees the index moving to 25,600 in the near term, followed by new all-time highs.

The Nifty 50 index is currently trading around 24,619, down about 0.8%.

He maintains that the recent sideways movement in the market is a healthy pause after a strong rally, and views any dip as a buying opportunity.

Shah also expects outperformance from mid and small-cap stocks and remains bullish on global equities, including US markets. “I do see the S&P 500 moving towards a level of 6,150,” he said.

Among sectoral bets, Shah is backing metals, real estate, and PSU stocks for the next 6-12 months.

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Within PSU, he likes top PSU banks, power, infrastructure, and oil and gas companies, saying the entire basket has a strong structure after consolidating for months.

He believes the metals index could rally 12% from current levels, with iron and steel producers likely to lead the way.

Real estate, too, is a structural theme, he said, calling it a “direct proxy to the India story.”