The Nifty last week moved above its key resistance level of 24,500 amid volatile trading. Analysts said the index now faces resistance in the 24,700–24,800 zone, above which it could cross 25,000.
DHARMESH SHAH HEAD OF TECHNICAL RESEARCH, ICICI SECURITIES
Trading Strategy: After five months, Nifty reclaimed its 200-day EMA (24,380). Any decline towards 24,300 24,400 (Nifty Spot levels) should be used as a buying opportunity for a target of 24,900, with immediate support placed at 23,900.
TOP BETS FOR THE WEEK
Hindustan Aeronautics: Buy at Rs 4,860–4,910 | Target Rs 5,370 | Stop loss Rs 4,670
The stock has staged a strong breakout from its two-year downward-sloping trendline, indicating a fresh entry opportunity at current levels. Structurally, the past 20 months of consolidation have taken the shape of a rounding bottom, signalling trend reversal.
Artemis Medicare: Buy at Rs 307–317 | Target Rs 358 | Stop loss Rs 284
The stock has witnessed a breakout from a 15-month range, indicating continuation of upward momentum. Structurally, after a sharp 21-month up move during CY23–24, the stock underwent healthy consolidation, retracing 40% of the prevailing uptrend, which indicates a robust price structure.
SUDEEP SHAH HEAD – TECHNICAL AND DERIVATIVE RESEARCH, SBI SECURITIES
Trading Strategy for the week: While markets are trading in a tight range with sharp volatility, traders should refrain from over-lever aged bets, and investors should favour a buy on-decline approach in quality names with strong technical setups.
Traders are advised to go long on Nifty only on a dip closer to 24,400 24,450, with a stop loss at 24,250 and a target of 24,750–24,800. From a sectoral perspective, select Defence, IT, PSU Banks, Metals, Pharma, Healthcare, and Auto names are expected to do well, while Nifty CPSE, PSE, and Capital Market stocks are likely to remain under pressure and continue their under-performance in the near term.
Union Bank of India: Buy | CMP Rs 183 | Target Rs 191–196 | Stop loss Rs 175
The stock continues to display a strong price structure, trading above key moving averages across timeframes, reflecting sustained bullish momentum. After a healthy 13-week consolidation, it has seen a strong breakout with buying visible on dips.
Mahindra & Mahindra: Buy | CMP Rs 3,502 | Target Rs 3,650–3,700 | Stop loss Rs 3,350
M&M has witnessed a breakout from a four-month consolidation and is holding firmly above key moving averages. Momentum indicators remain supportive, while improving relative strength versus the broader market suggests further upside potential.
TANMAY SHAH RESEARCH HEAD, SIHL
Trading Strategy: Technically, after nearly five months of consolidation, Nifty has broken out of a well-defined ascending triangle pattern, signalling a resumption of the primary uptrend and providing a favourable setup for fresh buying opportunities. We recommend a ‘Buy’ stance on Nifty, with investors advised to accumulate on dips while maintaining a positive bias towards the 25,200 25,400 target zone.
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State Bank of India: Buy | CMP Rs 1,097.20 | Target Rs 1,135–1,145 | Stop loss Rs 1,070
After consolidating for seven weeks, the stock registered a decisive close above its 20-week SMA, while RSI continues to indicate strengthening momentum. The improving technical setup supports a positive bias.
Amara Raja Energy & Mobility: Buy | CMP Rs 934 | Target Rs 968–980 | Stop loss Rs 900
The stock has decisively closed above its 200-week SMA on robust volumes, signalling strengthening momentum and renewed buying interest. The improving technical setup supports a positive bias.
