Nifty Pauses, Bank Nifty Strong: Analyst Strategies Divided
By Market Desk
Nifty faces divided analyst strategies (‘buy on dips’ vs ‘sell on rise’) as it tests key levels, while Bank Nifty shows resilience. Learn expert stock picks.
The Nifty index has paused its rally, currently testing critical support and resistance levels, leading to sharply divided opinions among market analysts regarding its immediate direction.
While the broader Nifty awaits a clear trend, the Bank Nifty has demonstrated notable resilience, maintaining its strength and suggesting potential for further upward movement.
Mirae Asset’s Strategy
Somil Mehta, Head of Retail Research at Mirae Asset Sharekhan, advises a ‘buy on dips’ strategy for the Nifty, anticipating continued upward momentum.
- Nifty Target: 24,774 to 25,000
- Nifty Stop Loss: 24,050
- Bank Nifty Long Positions: Above 57,885
Mehta also pinpointed specific stock opportunities for investors within this market environment.
- Garden Reach Shipbuilders & Engineers: Buy at Rs 2,618.6, Target Rs 2,740–2,800, Stop Loss Rs 2,535
- Supreme Industries: Buy at Rs 3,558.9, Target Rs 3,685–3,750, Stop Loss Rs 3,425
Samco Securities’ Contrarian View
Conversely, Dhupesh Dhameja, Research Analyst at Samco Securities, advocates a ‘sell-on-rise’ approach for the Nifty below the 24,500 mark.
- Nifty Sell-on-Rise: Below 24,500
- Fresh Shorts: If Nifty breaks below 24,300
- Target (Shorts): 24,190–24,050
- Long Positions: Only after a decisive reclaim of 24,500
Dhameja also provided his top stock recommendations, aligning with his cautious Nifty outlook.
- Ramco Industries: Buy at Rs 356, Target Rs 386, Stop Loss Rs 341
- Shadowfax Technologies: Buy at Rs 251, Target Rs 277, Stop Loss Rs 238
Angel One’s Technical Outlook
Hitesh Rathi, Technical Analyst at Angel One, concurs with a ‘sell-on-rise’ strategy for Nifty, citing robust resistance levels.
- Strong Resistance: 24,750–24,800
- Sell Rallies Towards: 24,500
- Stop Loss (Sell): 24,590
- Target (Sell): Near 24,340
Rathi’s analysis extends to specific stock picks, offering precise entry and exit points for traders.
- Indus Towers: Buy at Rs 380–382, Target Rs 400–407, Stop Loss Rs 366
- Asahi India Glass: Buy at Rs 930–939, Target Rs 990–1,010, Stop Loss Rs 885
The market remains in a state of anticipation, with traders closely monitoring Nifty’s price action at these critical junctures for a definitive directional cue.