June 20, 2024 / 09:10 AM IST
Sensex Today | Buy Nifty on dips between 23,300-23,350: Prashanth Tapse, Senior VP (Research), Mehta Equities
In yesterday’s trade, Nifty and Sensex scaled new record highs at 23,664 and 77,851.63, respectively, amidst wild swings. Bank Nifty outperformed, hitting a new all-time high at 51,957, with bullish patterns indicating further targets at 52,100 and aggressive inter-month goals at 53,500. Supports are at the 49,700-49,900 zone. Positive catalysts include softer-than-expected US Retail Sales, increasing bets on a US soft landing, and FIIs being net buyers of Rs. 10,478 crore this week.
Nifty options data suggests a trading range of 23,000-24,000, with significant support at 23,000 and resistance at 24,000.
Preferred trades: Buy Nifty on dips between 23,300-23,350 with targets of 23,664/23,751 and aggressive targets at 24,000-24,250; Buy Bank Nifty between 50,800-51,000 with targets of 52,100/52,500 and aggressive targets at 53,000-53,500.
Recommended stock: Buy Coforge (CMP 5395) with targets of 5559/5615 and aggressive targets at 5751.
