Nifty takes a breather as bulls and bears watch the next move: Analysts

SOMIL MEHTA

HEAD OF RETAIL RESEARCH, MIRAE ASSET SHAREKHAN

Trading Strategy

The Nifty rally is now cooling off after that sharp run, which is fairly normal after a move of that size. The index is still holding above its key daily moving averages — the 20DMA at 24,323 and the 40DEMA at 24,227. Traders can buy on dips between 24,227 and 25,190, with a stop loss of 24,050 on a closing basis, for a target of 24,774–25,000.

Bank Nifty:Bank Nifty has held up much better and has barely corrected in the last few sessions. For fresh long positions, it would be prudent to wait for a decisive break above the swing high of 57,885. Traders can buy above 57,885, with a stop loss at 57,158 on a closing basis, for a target of 57,885–58,700.

Equity investments should give about 15% annual returns over next 5 years: Raamdeo Agrawal

TOP STOCK PICKS

Buy at CMP Rs 2,618.6 | Target Rs 2,740–2,800 | Stop loss Rs 2,535

Garden Reach Shipbuilders & Engineers:

The stock bottomed at Rs 2,471, broke its falling trendline, and turned bullish. With Rs 2,670 as key resistance, a decisive breakout above this level could confirm trend reversal and trigger the next rally higher.

Supreme Industries:Buy at CMP Rs 3,558.9 | Target Rs 3,685–3,750 | Stop loss Rs 3,425

The stock has given a breakout from an inverse head-andshoulders pattern, indicating a positive shift in trend. It is also trading above its key daily moving averages, while the daily momentum indicator has entered bullish mode after a positive crossover in Friday’s session.

DHUPESH DHAMEJA

RESEARCH ANALYST, SAMCO SECURITIES

Trading Strategy

Buying interest for Nifty is emerging around 24,300, but the recovery lacks strong follow-through. RSI at 52.21, below its average of 57.97, confirms moderating momentum without entering oversold territory.

Maintain a sell-on-rise approach below 24,500. Fresh shorts can be considered on a sustained break below 24,300, targeting

24,190–24,050, with a stop-loss above 24,400.

For longs, wait for a decisive reclaim of 24,500, which can trigger a move towards 24,600–24,700.

TOP STOCK PICKS

Buy | CMP Rs 356 | Target Rs 386 | Stop loss Rs 341

Ramco Industries:

The stock’s breakout above multi-year resistance, with compressed volatility, rising volumes and strong moving averages, signals fresh price-discovery potential and a likely move towards new highs.

Shadowfax Technologies:

Buy | CMP Rs 251 | Target Rs 277 | Stop loss Rs 238

The stock shows bullish continuation, recovering from Rs 205–215, consolidating near Rs 250–255, holding above the rising 10-DEMA and 20-DEMA, with positive moving-average alignment supporting the trend.

HITESH RATHI

TECHNICAL ANALYST, ANGEL ONE

Trading Strategy

Nifty faced rejection at 24,750–24,800, confirming strong resistance. A breakout above 24,800–24,850 is needed to negate

weakness. Until then, rallies towards 24,500 favour sell-on-rise trades, with stop loss at 24,590 and target near 24,340, reflecting capped upside.

TOP STOCK PICKS

Indus Towers: Buy at Rs 380–382 | Target Rs 400–407 | Stop loss Rs 366

The stock holds strong support at Rs 370–365, with a W-pattern breakout above Rs 380 and bullish RSI crossover, signalling

strengthening momentum, emerging trend reversal, and buyers gradually gaining control.

Buy at Rs 930–939 | Target Rs 990–1,010 | Stop loss Rs 885

Asahi India Glass:

The stock broke out above Rs 930 after support at its 20-brick moving average, confirmed by triple-top bullish breakout and

invalidation of bearish pole, signalling buyers’ control and potential for higher levels ahead.

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