Nifty tops key 23,500 hurdle, can head to 24,500 on buying interest: Analysts

Nifty’s sharp breakout above the 23,500 level has prompted technical analysts to turn bullish on the near-term market outlook, with many seeing signs of a base formation around the 23,100–23,300 zone. Analysts said improving momentum indicators, bullish chart patterns and sustained buying interest could help the index move towards the 24,000–24,500 range in the coming weeks, while the 23,100–23,300 zone is expected to provide crucial support.NAGRAJ SHETTI SENIOR TECHNICAL RESEARCH ANALYST, HDFC SECURITIESWhere is Nifty headed this week? Nifty witnessed an excellent breakout. A long bull candle was formed on the daily chart, which indicates a decisive breakout of the consolidation movement. Further sustainable upside from here could open the next upside targets of around 23,800 and 24,100 levels. Immediate support to be watched is at 23,300. Trading Strategies Traders may buy Bank Nifty June futures around 56,900 or accumulate the 57,000 call option (June 30 expiry) at Rs 800-811. Maintain a stop loss at 56,000 on spot levels. On the upside, Bank Nifty could advance towards 57,700 initially and 59,200 thereafter. TOP STOCKS BETSBANK OF INDIA: Buy Rs 145, CMP Rs 145, Target Rs 154, Stoploss Rs 141 The stock has seen a sharp rally recently, and the current consolidation phase offers a buying opportunity, with RSI (Relative Strength Index) and volume indicators pointing to further upside. BPCL: Buy at 302 , CMP Rs 302, Target Rs 317, Stoploss Rs 292 BPCL has rebounded sharply after a recent correction, with the chart indicating a key bottom reversal, supported by strong volumes and positive RSI signalsAgenciesSACCHITANAND UTTEKAR VP- RESEARCH ( TECHNICAL & DERIVATIVES), TRADEBULLS SECURITIESWhere is Nifty headed this week? Nifty closed above 23,500, signalling improving buying interest and a base formation in the 23,300– 24,000 range. While the trend remains weak, with ADX above 32, RSI has moved above 50, indicating a possible directional shift. A sustained move above the 23,800 resistance could push the index towards 24,000 and 24,420, while the 23,150–23,100 zone remains a key support area. Trading Strategies Since the Nifty50 has displayed a ‘Piercing Line’ formation on its weekly scale. It’s ideal to deploy fresh longs. Traders should accumulate Nifty up to 23,520 with a stop loss below 23,380 for a potential upmove towards 24,000 & 24,420, which could be seen in the coming weeks ahead. BUY NIFTY – up to 23520 SL 23380 TGT 24000/24420. BUY BSE SENSEX- up to 74945 SL 74550 TGT 77100 TOP STOCK BETS HDFC Bank CMP Rs 772, Buy Rs 772, Target Rs 840, Stoploss Rs 754 Weekly ‘Bullish Engulfing’ pattern with RSI displaying a strong positive divergence. A bullish crossover of its 5 & 20 EMA is another good sign for directional momentum. UltraTech Cement CMP Rs 11,117, Buy Rs 11,180, Target Rs 11,588, Stoploss Rs 10,910 The stock has repeatedly defended the 10,700 support level, forming a strong double-bottom pattern that signals a potential reversal, with the stock likely to move towards 11,600 while 10,700 remains a key support zone.SOMIL MEHTA HEAD OF RETAIL RESEARCH, MIRAE ASSET SHAREKHANWhere is Nifty headed this week? Despite the ongoing global uncertainties, the Nifty held firmly above the 61.8% retracement level and formed a strong base around 23,100. A positive weekly close and a bullish crossover in the daily momentum indicator point to strengthening upward momentum. The recent low of 23,070 remains a key support level, while a decisive move above the 20-DMA and 40-DEMA levels of 23,532 and 23,676, respectively, could further strengthen bullish sentiment and lift the index towards 24,100 in the coming days. Trading Strategy Buy NIFTY Futures at current levels or on dips, SL - 23,070 on a closing basis. Target - 24,100 - 24,500 TOP STOCKS BETSKEI Industries Buy at CMP Rs 5,374 Target Rs 5,600– 5,800, Stoploss Rs 5,120 The stock has broken out of its earlier trading range and a triangular consolidation pattern above the 40-day E