5 days ago
Nifty support at 23,800 as Religare suggests three stock strategies
India’s main stock indexes fell for the fourth trading session in a row.
Investors were worried about global tensions and expensive crude oil.
Ajit Mishra from Religare Broking said the Nifty may find support near 23,800.
If it falls clearly below that level, it could move closer to 23,700–23,600.
The area between 24,000 and 24,150 may make it harder for the index to rise.
Mishra suggested buying LIC Housing Finance and PB Fintech.
He suggested selling Voltas futures because its price chart looked weak.
He also advised investors to be cautious and manage their risks carefully.
The Sensex and Nifty 50 fell for a fourth consecutive session amid geopolitical uncertainty and elevated crude prices.
Ajit Mishra of Religare Broking identified 23,800 as important near-term support for the Nifty.
A decisive break below 23,800 could send the Nifty toward 23,700–23,600, while 24,000–24,150 is resistance.
Mishra recommended buying LIC Housing Finance and PB Fintech with specified targets and stop-loss levels.
Mishra recommended selling Voltas futures, citing a downside breakout and sustained weakness below key moving averages.
- Who
- Ajit Mishra, Senior Vice President of Research at Religare Broking, provided the market view and stock strategies.
- What
- The Nifty declined for a fourth consecutive session, while Mishra outlined index levels and recommendations for three shares.
- Where
- The recommendations concern the Indian stock market, including the Sensex and Nifty 50.
- When
- Thursday, on the weekly expiry day.
- Why
- The decline was attributed to lingering geopolitical uncertainties, elevated crude oil prices and weak market momentum.
Key facts
- Nifty support
- 23,800
- Potential downside
- 23,700–23,600 if the Nifty decisively breaks below 23,800
- Nifty resistance
- 24,000–24,150
- LIC Housing Finance
- Buy; last traded price ₹554; target ₹593; stop loss ₹535
- PB Fintech
- Buy; last traded price ₹1,870; target ₹2,030; stop loss ₹1,790
- Voltas
- Sell futures; last traded price ₹1,175.20; target ₹1,105; stop loss ₹1,210
- Market approach
- Mishra recommended a cautious, stock-specific strategy with strong risk management.
Quotes
Ajit Mishra
SVP of Research at Religare Broking
“The positive price and volume action, along with the reclaiming of key averages and improving momentum indicators, suggest strong upside potential. Investors may consider accumulating the stock within the mentioned range.”
livemint.com
“Given the prevailing combination of elevated crude prices, geopolitical uncertainty and weak market momentum, we recommend maintaining a cautious, stock-specific approach with a strong focus on risk management.”
livemint.com
Sources
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