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The Indian stock market is showing signs of a strong uptrend, with analysts predicting that the Nifty index will continue its upward trajectory and reach the 25,000-25,300 mark this week. This optimistic outlook is based on technical indicators, which suggest that the positive momentum is likely to persist. A medium-term target of 25,800 has also been set, with immediate support at 24,650.
The article highlights several bullish patterns observed in the charts of specific stocks, including Tata Motors, Cipla, Divi’s Lab, TCS, REC, PFC, Ashok Leyland, and Balrampur Chini. These patterns suggest potential for further gains in these companies. The weekly chart for the Nifty index also shows a bullish candle with a lower shadow, indicating buying pressure at lower support levels.
Various brokerage houses and analysts have expressed their views on the market's future direction. Axis Securities believes that if the Nifty crosses and sustains above the 25,000 level, it will witness further buying, pushing the index towards the 25,300-25,500 levels. HDFC Securities, on the other hand, observes a long bull candle on the daily chart, indicating a positive trend and suggesting that the recent downward correction has been overcome. 5Paisa.com highlights the resumption of the uptrend after a minor hiccup on budget day, with the broader markets showing strong buying interest.
While the overall sentiment is positive, analysts also caution that a break below the 24,600 level could trigger selling pressure, pulling the Nifty down to the 24,400-24,200 levels. The article provides suggestions for investors, advising them to create fresh long positions in Nifty and stocks, with a potential buying opportunity at 24,650. It also recommends booking partial profits around the 25,100 levels and waiting for higher targets, while setting a stop loss at 24,300.
Sectoral recommendations include banking, automobile, pharma, IT, infrastructure, public sector enterprises (PSEs), and consumer durables. The article concludes by encouraging traders to maintain a positive bias and provides specific stock recommendations, such as Eicher Motors, Balkrishna Industries, and others, with potential targets and stop-loss levels. The bullish outlook presented in the article suggests that the Indian stock market is expected to continue its upward trend in the coming weeks, offering potential opportunities for investors and traders.
Source: Firm uptrend can take Nifty past 25,000 mark: Analysts