Home / Business and Economy / Nifty Surges Past 23,500: Bulls Eye 24,500!
Nifty Surges Past 23,500: Bulls Eye 24,500!
15 Jun
Summary
- Nifty surged above 23,500, igniting bullish sentiment among analysts.
- Key support levels identified at 23,100-23,300 for Nifty.
- Analysts recommend specific stocks like Bank of India and HDFC Bank.
Nifty's significant breakout above 23,500 has prompted technical analysts to adopt a bullish stance, with expectations of reaching 24,000-24,500. This optimism is fueled by strengthening momentum indicators and bullish chart patterns observed in recent trading sessions. The 23,100-23,300 area is seen as a vital support zone, crucial for sustaining the upward trajectory.
Analysts highlight the potential for Nifty to touch 23,800 and 24,100, with immediate support at 23,300. Trading strategies suggest accumulating Nifty up to 23,520, with a stop loss below 23,380 for a target of 24,000 to 24,420. Specific stock recommendations include Bank of India, BPCL, HDFC Bank, UltraTech Cement, and KEI Industries, each showing positive technical signals.
HDFC Bank, in particular, is showing a weekly 'Bullish Engulfing' pattern and positive RSI divergence, suggesting a strong recovery. UltraTech Cement has formed a double-bottom pattern around 10,700, indicating a potential reversal. KEI Industries has broken out of a consolidation pattern, signaling a continuation of its uptrend. These recommendations are based on various technical indicators and chart formations.
