Nifty Index Targets 24,600 Amid Positive Market Trends
Nifty eyes 24,600; SBI, Glenmark Pharma, Tata Power on analyst radar
Business Standard
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The Nifty index closed at 24,231.30, up 1.63%, as markets rebounded on favorable global cues, particularly easing crude oil prices. Analysts recommend buying stocks of Glenmark Pharmaceuticals, State Bank of India, and Tata Power, with targets set between ₹450 and ₹2410.
- 01Nifty index closed at 24,231.30, up 1.63%
- 02Market rally driven by improved global sentiment and easing crude oil prices
- 03Analysts recommend buying Glenmark Pharmaceuticals, SBI, and Tata Power
- 04Target prices range from ₹450 to ₹2410 for recommended stocks
- 05Support levels for Nifty shifted to 23,900-23,600
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On Wednesday, the Nifty index surged to 24,231.30, marking a 1.63% increase, as favorable global cues spurred a market rebound after a consolidation phase. The rally was broad-based, with all major sectors, including IT, realty, and energy, trading positively. Midcap and smallcap stocks outperformed, reflecting strong risk-on sentiment. The uptrend was primarily fueled by renewed hopes of US–Iran negotiations, which contributed to a decline in crude oil prices below $100, easing inflation concerns. Analysts now project the Nifty to target the 24,350–24,600 range, with resistance noted around 24,800. Key stock recommendations include Glenmark Pharmaceuticals, with a target of ₹2410, State Bank of India at ₹1140, and Tata Power at ₹450. Each stock shows potential for upward momentum, supported by technical indicators and market trends.
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The positive market sentiment could lead to increased investment opportunities for retail investors, potentially boosting their portfolio values.
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