Nifty Aims for 24,600 Retest as Rajesh Bhosale Identifies 2 Stocks Poised for Outperformance.

The Indian equity markets are experiencing a notable breakout from a protracted consolidation phase, according to Rajesh Bhosale, an Equity Technical Analyst at Angel One. This shift in momentum commenced on Friday and is gaining strength, with the Nifty index positioned to retest its April peak of 24,600. Bhosale emphasizes that the Nifty’s sustained performance above key support levels marks a decisive shift in short-term market bias, suggesting an increasingly bullish outlook. The immediate support range of 23,750 to 23,800 presents an attractive opportunity for value-driven investors looking to capitalize on potential dips.

Among the highlighted stock recommendations, Trent emerges as a key player, having recently broken out of a month-long range that positioned it between its 50-day and 200-day moving averages. This breakout signals a new phase of upward momentum, and Bhosale advises accumulation around this stock, setting a target price of ₹3,080 with a stop loss at ₹2,790. This technical underpinning, combined with strong volume indicators, positions Trent for significant near-term appreciation as investors rally behind this momentum shift.

Another stock to watch is Phoenix Mills, which has formed a textbook double bottom pattern on its 200-day moving average—a classic indicator of potential price reversals. This pattern’s confirmation in Monday’s session provides a strategic entry point for investors, with a target price set at ₹1,950 and a stop loss at ₹1,760. Bhosale’s market analysis suggests a cautious yet opportunistic strategy in the current landscape, underscoring the importance of stock-specific investments while leveraging recent bullish trends in both Asian markets and U.S. equity futures.

Overall, the post-consolidation momentum is viewed as substantial, albeit in early stages. Bhosale recommends continuing to adopt a dip-buying strategy, focusing on specific stock opportunities while employing defined stop losses to manage risk effectively. With a robust external market environment supporting this upward trajectory, informed investors are encouraged to stay engaged while monitoring developments closely.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova team.)