Tech View: Nifty upside seen at 24,500–24,600; support at 23,700

A pickup in bullish signals following last week’s market rebound has improved the near-term technical outlook for Dalal Street, but stalled US-Iran talks and US President Donald Trump’s warning of a potential naval blockade of the Strait of Hormuz add a fresh layer of uncertainty, even as analysts see no immediate threat to bullish charts.

NAGRAJ SHETTI SENIOR TECHNICAL RESEARCH ANALYST, HDFC SECURITIES

Trading Strategies:
One may look to buy Nifty April futures around 24,106 or consider buying the Nifty 24,000 CE of April 28 expiry around ₹438 for potential upside in near term. Upside targets to watch for Nifty spot are around 24,500–24,600 levels. Long positions should be placed with a Nifty stop loss of 23,700.

Top Stock Bets
Jamna Auto Industries: Buy at ₹124; CMP ₹124.5; Stop loss ₹119; Target price ₹135

Stock surged on Friday and is now nearing a decisive breakout from a broader consolidation pattern, with rising volumes and a positive RSI.

Dhampur Sugar Mills: Buy at ₹141; CMP ₹141; Stop loss ₹135; Target price ₹152
Stock has been in a sharp uptrend over the past month, with a bullish higher tops and bottoms pattern on the daily chart. The 200-day EMA has provided support on dips, while volume trends and RSI remain positive.

MEHUL KOTHARI H DVP – TECHNICAL RESEARCH, ANAND RATHI SHARE AND STOCK BROKERSTrading Strategies:
For Nifty options, traders should avoid aggressive longs at current levels and instead adopt a buy-on-dips approach near the 23,600–23,200 zone for better risk-reward. Given the possibility of a short-term pullback, bear put spreads can be considered near 24,000 or higher levels to benefit from any corrective move.

On the upside, a sustained move above 24,500 could open opportunities for Bull Call spreads, targeting higher levels gradually. While short-term strategies may remain tactical, the broader view continues to remain bullish, and any dips should be used as opportunities within the ongoing uptrend.

Top Stock Bets
Birlasoft: Buy at ₹365– ₹355; CMP ₹366; Stop loss ₹315; Target price ₹470
Birlasoft has formed a strong weekly base since April 2025, with a triple-bottom pattern and bullish RSI divergence signalling accumulation. Support at ₹325–335 holds firm, and at ₹370, the setup offers favourable medium-term risk-reward.

Gujarat Ambuja Exports: Buy at ₹146– ₹140; CMP ₹152; Stop loss ₹130; Target price ₹164
Stock broke above its 50-week EMA in December 2025 after a prolonged consolidation, signalling a bullish shift. The stock is now in a constructive pullback, holding above key trend indicators, with RSI easing but not weakening—suggesting a pause before the next upmove.

NILESH JAIN VP – HEAD OF TECHNICAL AND DERIVATIVE RESEARCH, CENTRUM FINVERSE

Trading Strategies:
Call writers have shifted their positions to the 24,500 strike, which now holds the highest open interest concentration, while put writers are building positions at the 24,000 strike. This indicates that the market base is gradually shifting higher.
Given the expectation of a gradual upmove in the April series, we recommend deploying a Bull Call Spread in the 21 April weekly expiry:
➤ Buy 1 lot of 24,100 Call at 280
➤ Sell 1 lot of 24,300 Call at 187 This results in a net debit of 93 points, with the stop loss in the spread at 40 points, the maximum loss will be capped at ₹3,445. The strategy offers a maximum profit potential of 107 points per lot ( ₹6,955), while the breakeven point is placed at 24,193.

Top Stock Bets
Olectra Greentech: Buy. CMP ₹1,184; Stop loss ₹1,120; Target price ₹1,300
Stock has witnessed a breakout from an inverse head and shoulders pattern on the daily chart, indicating a potential bullish reversal. The move was backed by higher-than-average volumes, adding credibility to the strength of the breakout.

Eicher Motors: Buy. CMP ₹7,424; Stop loss ₹7,100; Target price ₹8,000
Stock has rebounded strongly, reclaiming its key shortand long-term moving averages, signalling renewed strength. Fresh long build-up in derivatives and positive momentum indicators—MACD buy crossover and RSI above 50—reinforce the bullish outlook.