Nifty Clears Hurdle, Targets 23,200 Levels: Expert Analysis for Thursday Trading

Experts suggest that the Nifty index has overcome a significant obstacle and closed higher. The next hurdles to watch out for are around 23,200 levels. Volatility is expected to persist in the short term, with immediate support at 22,300 levels.

Regarding the Bank Nifty outlook, it rebounded by 4.08%, recovering almost half of the previous day’s decline. The index formed a bullish inside bar on the daily timeframe and concluded above its 20-day and 50-day moving averages. Support is indicated at 47,300 levels, while resistance levels are at 49,650 and 50,050.


Market Triggers: Experts point out that the expectation of a good monsoon is driving interest in FMCG and Auto stocks. The focus is also on government formation and the RBI monetary policy. Despite reduced seats, the government is expected to continue its focus on investment-led growth, infrastructure creation, and manufacturing in the long term.

Short-Term Outlook: In the near term, the market is expected to focus on government formation and key cabinet portfolios such as Finance, Defense, Roads, Energy, Commerce, and Railways. With the elections over, attention is likely to shift back to fundamentals.

Stock Recommendations: Experts Sumeet Bagadia and Ganesh Dongre suggest five stocks for trading today.

Sumeet Bagadia’s Picks:

  1. Zydus Wellness: Buy at ₹1895.35, target ₹1999, stop loss ₹1830.
  2. Vijaya Diagnostic: Buy at ₹850, target ₹900, stop loss ₹820.

Ganesh Dongre’s Picks: 3. Axis Bank: Buy at ₹1182, target ₹1222, stop loss ₹1162. 4. LT: Buy at ₹3420, target ₹3550, stop loss ₹3370. 5. Bandhan Bank: Buy at ₹191, target ₹200, stop loss ₹185.

These recommendations are based on technical analysis and market dynamics, aiming to provide traders with potential opportunities for profit in the near term.

Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.​​

We will be happy to hear your thoughts

      Leave a reply

      Share Price India News