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The Nifty50 closed 378 points higher at 23,739 on Tuesday. India VIX, the market’s fear gauge, edged lower by 2.33% to 14.02 in the previous trading session.
The index has breached both the 50-day and 200-day EMAs, further cementing bullish momentum. Additionally, the RSI, hovering above 50, and price action, holding firm above the 20-day EMA, enhance the case for continued upside potential.
“The 23,800–23,850 resistance zone, marked by fresh call writing and previous swing highs, remains a critical hurdle. On the downside, the 23,400–23,450 zone holds as pivotal support, backed by aggressive put writers defending their positions,” said Dhupesh Dhameja, Derivatives Analyst, at SAMCO Securities.
“The persistent emergence of buyers at declines reflects underlying strength, and, as long as the Nifty holds above 23,400, the prevailing uptrend is likely to continue,” Dhameja added.
“As long as the Nifty sustains above 23,400, the ‘buy-on-dips’ strategy is expected to remain dominant, with a breakout above 23,850 setting the stage for an accelerated move toward 24,000,” he recommended.
We have collated stock recommendations from various experts for traders with a short-term trading horizon:
Expert: Vinay Rajani, CMT (Senior Technical & Derivative Analyst) at HDFC Securities told ETBureau:
L&T Technology Services: Buy | Target: Rs 5,800 | Stop Loss: Rs 5,273
GAIL India: Buy | Target: Rs 186 | Stop Loss: Rs 170
Kotak Mahindra Bank: Buy | Target: Rs 1,990 | Stop Loss: Rs 1,895
Expert: Kunal Bothra, Market Expert told ETNow:
Kotak Mahindra Bank: Buy | Target: Rs 2,000 | Stop Loss: Rs 1,900
Coromandel International: Buy | Target: Rs 1,950 | Stop Loss: Rs 1,845
Minda Corp: Buy | Target: Rs 615 | Stop Loss: Rs 560
Expert: Nooresh Merani, Independent Technical Analyst told ETNow:
Kotak Mahindra Bank: Buy | Target: Rs 2,050 | Stop Loss: Rs 1,800
IndusInd Bank: Buy | Target: Rs 1,150 | Stop Loss: Rs 1,010
Nykaa: Buy | Target: Rs 200 | Stop Loss: Rs 170
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times)
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