Indian Markets Show Resilience Amid Geopolitical Tensions; Nifty Target Set at 24,500
Nifty eyes 24,500 as markets shake off geopolitical jitters; Vedanta, NTPC Green, Infosys in focus: Rahul Sharma
The Economic Times
Image: The Economic Times
Despite geopolitical tensions, Indian equity markets are showing resilience, with analysts predicting a potential rise in the Nifty index to 24,500. Key stocks to watch include Vedanta and NTPC Green, with positive sentiment returning to the market as volatility decreases.
- 01Nifty index faces resistance at 24,000 but is expected to reach 24,500 if it breaks through.
- 02Key support level for Nifty is set at 22,800.
- 03Vedanta and NTPC Green are highlighted as strong stock picks with potential gains of 8-12%.
- 04The IT sector's negative sentiment may be priced in ahead of TCS earnings, with Infosys seen as a potential buy.
- 05Market resilience is evidenced by a decrease in the India VIX volatility index.
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Indian equity markets are demonstrating unexpected resilience amidst geopolitical tensions, particularly between Iran and the US. Technical analysts, including Rahul Sharma (Director and Head of Technical and Derivatives Research at JM Financial Services), indicate a constructive market structure with a notable decrease in volatility, suggesting that fear is subsiding. The Nifty index encountered resistance at 24,000, but Sharma anticipates a potential rise to 24,500 if this hurdle is overcome, with 22,800 as a crucial support level. He recommends two stock picks: Vedanta, which is nearing a breakout above ₹740 with a target of ₹780-800, and NTPC Green, expected to gain 10-12%. The IT sector, particularly Infosys, is also in focus as TCS prepares to report earnings, with Sharma suggesting it could be a good entry point at around ₹1,325.
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The anticipated rise in the Nifty index could boost investor confidence and lead to increased trading activity, benefiting stock market participants.
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