Nifty on a strong uptrend, could aim at 24,550-24,850

Technical charts indicate a continuation of the current uptrend, with Nifty expected to trade around 24,550-24,850, according to technical analysts. The index is likely to find strong support near 23,500. Stocks such as Axis Bank, HDFC Bank, ICICI Bank, SBI, M&M Financial, Max Financial, HDFC Life, Oberoi Realty, BPCL, HPCL, REC, and PFC have formed bullish patterns on the charts, analysts said.

NAGARAJ SHETTI
SENIOR TECHNICAL ANALYST, HDFC SECURITIES

Where is Nifty heading this week?
After showing range-bound action in last couple of sessions, Nifty witnessed a decisive upside breakout on Thursday and closed higher. A long bull candle was formed on daily chart, which indicates a faster upside retracement of the recent down leg. This signals a significant trend reversal on the upside. The crucial hurdle of the 200-day exponential moving average has been surpassed, and Nifty closed higher. The index on weekly chart formed a long bull candle with a gap-up opening. The recent unfilled weekly upside gap is likely to be a bullish breakaway gap, which is normally formed at the beginning of sharp up-trended moves. The next upside target to be watched for Nifty is around 24,550 and 24,850 in next two weeks. Immediate support is at 23,500.

What could an investor do?

One may continue with longs and create fresh longs. Look for partial profi t booking at highs of around 24,550-24,850 levels. However, any consolidation or minor dip could be a buy-on-dip opportunity around 23,500 levels. Place the stop loss at 23,300. Sectors for longs include banking, financial, energy, pharma, realty, metal, oil & gas, and CPSE. Stocks with positive bias are Axis Bank, ICICI Bank, SBI, M&M Financials, L&T Fin, Reliance Ind, Oberoi Realty, DLF, JSW Steel, Tata Steel, BPCL, HPCL, REC, and PFC.

PRITESH MEHTA
EXECUTIVE VICE PRESIDENT – RESEARCH, YES SECURITIES

Where is Nifty headed this week?

The reversal of the pattern re-test zone around 22,000 is accompanied by a bullish turtle break and move above the 45-degree downsloping trendline, suggesting continuation of a positive trend. The pullback in our top 10 customised Nifty index off support zone, outperformance of banks and financials, and improvement in breadth highlight improving internals. Broader markets also have made a comeback.

Compared to their global counterparts—specifically, MSCI World Developed and Emerging Markets Midcap and Smallcap indices— the structure of Indian midcaps and small-caps has remained far more con- structive on a relative basis. We expect Nifty to gradually move higher with upside seen around 24,200 zone. Immediate support is seen around 23,500.

What could investors do?
While global uncertainty remains high, India’s structure offers several signals of relative strength. Among the sectors, our customised cement index has reverted off its three-year mean. Fresh momentum would come into play once it surpasses the December 2024 peak. Shree Cement has been gradually moving higher in 2025, shrugging off weakness in broader markets. Currently, it is attempting a big base (multi-year base) breakout. Reversal is also seen in our customised insurance index, we expect a 10% rally in Max Financial and HDFC Life.

APURVA SETH
HEAD OF MARKET PERSPECTIVES & RESEARCH, SAMCO SECURITIES

Where is Nifty headed this week?
Nifty has managed a smart recovery of 2,000 points after Trump’s Tariff announcements on April 2. The index has rallied more than 7.5% in 6 sessions. This is the biggest rally since 2021 which indicates strong bullish momentum. However, after such a sharp rally, the index should consolidate for profi t booking. We believe 24,000 will act as a strong resistance for the index. The hourly RSI is also above 75 and hitting overbought levels which suggests bulls might hit a roadblock soon. On an immediate basis, 23,800 and 23,500 will act as supports for the index.

What could investors do?
Investors can look for opportunities in stocks from Financial Nifty and Bank Nifty as these indices hit all-time highs last week, which is a sign of strength. HDFC Bank, Kotak Bank, and Bajaj Finserv are our preferred picks from this space as they break out of all-time highs after consolidation. In the PSU banking space, we like SBI, which is forming a bullish inverse head and shoulder pattern. From the mid- and small-cap category, we like stocks from fertilizer space like GSFC, RCF, FACT, and Chambal Fertilizer.