June 19, 2024 / 09:09 AM IST
Sensex Today | Nifty has target at 23,750-24,000: Prashanth Tapse, Senior VP (Research), Mehta Equities
GIFT Nifty is up by 67 points, standing at 23,557, with market sentiment bolstered by increasing bets on a US soft landing and a potential September rate cut by the Federal Reserve. Technically, Nifty targets are set at 23,750 and 24,000, with critical support at 23,250 and the 200 DMA at 21,268.
Options data suggests a trading range of 23,000-24,000, with significant resistance at 24,000 and support at 23,000.
Recommended trades include buying Nifty at current levels with targets of 23,701/23,751 and aggressive targets at 24,000-24,250, and buying Bank Nifty at current levels with targets of 50,750/51,133 and aggressive targets at 51,750-52,500.
Key stock picks include ICICI Bank, HDFC AMC, NTPC, Tata Power, and Coal India, with a strong buy recommendation on Coal India at CMP 489 for targets of 503/515 and aggressive targets at 525, driven by momentum.
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