Nifty Forecast: Potential Upside to 24,600 Amid Market Uncertainty
Tech View: Nifty upside seen at 24,500–24,600; support at 23,700
The Economic Times
Image: The Economic Times
The Nifty index is projected to reach 24,500–24,600 levels, supported by bullish signals despite geopolitical uncertainties. Traders are advised to buy on dips near 23,600–23,200 and maintain a stop loss at 23,700. Key stock recommendations include Jamna Auto Industries and Eicher Motors.
- 01Nifty targets between 24,500 and 24,600 with support at 23,700.
- 02Traders should adopt a buy-on-dips strategy near 23,600–23,200.
- 03Jamna Auto Industries and Eicher Motors are highlighted as strong buy opportunities.
- 04Bull Call Spread strategy recommended for Nifty options trading.
- 05Geopolitical tensions add uncertainty to market outlook.
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Following a recent market rebound, analysts project the Nifty index to target 24,500–24,600 levels, buoyed by bullish signals. Despite this, stalled US-Iran talks and US President Donald Trump's warning of a potential naval blockade of the Strait of Hormuz introduce new uncertainties. Traders are encouraged to buy Nifty April futures around 24,106 or consider the Nifty 24,000 Call Option at approximately ₹438. A stop loss should be placed at 23,700. Key stock picks include Jamna Auto Industries, which is expected to rise from its current price of ₹124 to a target of ₹135, and Eicher Motors, currently at ₹7,424, with a target of ₹8,000. A Bull Call Spread strategy is also recommended for Nifty options, indicating a gradual upward movement in the April series. Overall, while short-term strategies may be tactical, the broader market outlook remains bullish.
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If the Nifty reaches the projected levels, it could positively influence investor sentiment and trading volumes, benefiting both retail and institutional investors.
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