Analysts back buy-on-dips strategy as Nifty targets 24,450–24,800
They see declines as buying opportunities, with upside targets ranging from 24,450 to 24,800.TANMAY SHAH RESEARCH HEAD, SIHLTrading Strategy Traders may consider initiating a Bull Call Spread for the July 14 expiry. This can be executed by buying the 24,300 Call and simultaneously selling the 24,700 Call. This strategy offers a favourable risk-reward profile while strictly capping downside risk, making it an ideal approach to capitalise on the anticipated upward move towards 24,800 without being exposed to sudden intraday volatility. TOP STOCK BETS Container Corporation of India: Buy | CMP: Rs 488.20 | Target: Rs 510 | Stop-loss: Rs 472 The stock has closed above its 50-day moving average on strong volumes, indicating improving momentum and renewed buying interest. IndusInd Bank: Buy | CMP: Rs 974.35 | Target: Rs 1,020 | Stop-loss: Rs 950 Technically, the stock has confirmed an inverse Head and Shoulders breakout on strong volumes, indicating bullish momentum.AgenciesAJIT MISHRA SVP – RESEARCH, RELIGARE BROKINGTrading Strategy A buy-on-dips strategy can be considered for the Nifty 50 in the 24,000–24,150 zone, with a stop-loss at 23,900 and upside targets of 24,450 and 24,600. On the sectoral front, we expect banking, pharmaceuticals, real estate and defence to outperform. However, the onset of the earnings season may lead to intermittent volatility in individual stocks. Participants looking for sectoral exposure may consider the following ETFs: Nippon India ETF Nifty Bank BeES (BANKBEES | CMP: Rs 600.12): Accumulate in the Rs 590–600 range with a stop-loss at Rs 578 for an upside target of Rs 630. Motilal Oswal Nifty India Defence ETF (MODEFENCE CMP: Rs 105.25): Accumulate in the Rs 100–105 range with a stop-loss at Rs 96 for positional targets of Rs 115–120. TOP STOCK BETS Biocon: Buy | CMP: Rs 426.8 | Target: Rs 470 | Stop-loss: Rs 405 Biocon has confirmed a breakout from a prolonged consolidation phase above the `400 mark, supported by improving price momentum. The formation of a strong pivot around the breakout zone presents a fresh accumulation opportunity. HDFC Asset Management Company: Buy | CMP: Rs 2,800.2 | Target: Rs 3,020 | Stop-loss: Rs 2,690 The stock has broken above its descending trendline, indicating the potential for a gradual move towards its record high.DHARMESH SHAH HEAD – TECHNICAL RESEARCH, ICICI SECURITIESTrading Strategy A breakout from a 10-week downward-sloping channel, coupled with a successful close above the 100-day EMA for the first time in four months, indicates a resumption of the uptrend. We expect the index to hold its key support at the 23,700 level, which marks the 50% retracement of the ongoing up move from the June lows and coincides with the low of the past three weeks. Hence, any decline towards the 24,000–24,100 zone (Nifty spot levels) should be used as a buying opportunity, with a target of 24,500. TOP STOCK BETS Shriram Finance: Buy at Rs 1,038–1,060 | Target: Rs 1,134 | Stop-loss: Rs 1,008 The stock has logged a resolute breakout from a four-month falling trendline, indicating a resumption of the uptrend. Structurally, the past four months of healthy consolidation above the 200- day EMA have helped cool off overbought conditions and set the stage for the next leg of the up move. Piramal Pharma: Buy at Rs 172–176 | Target: Rs 188 | Stop-loss: Rs 167 After five quarters of underperformance, the stock is forming a higher base above a falling trendline breakout and has retraced only 38% of the preceding seven-week (48%) rally. The higher highlow formation on the weekly chart and a bullish crossover in the weekly stochastic oscillator confirm a resumption of the uptrend and indicate a positive bias.
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