Nifty: Nifty likely to move up after polls, trade at 23,500-24,300

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Mumbai: SBI Securities has set a target range of 23,500-24,300 for the Nifty in 2024. This implies an upside of 8.5%-12.15% over the index’s Tuesday closing of 21,665. The brokerage said in a report that while a significant number of indicators now reflect an overbought condition after the recent run-up, there is a likelihood that the Nifty will continue its upward journey after the general elections. HCL Technologies, Godrej Consumer Products, CIE Automotive India, and Dalmia Bharat are among its top technical picks in 2024.

For the Nifty Mid-cap 100, SBI Sec has set a target range of 51,000-53,000, which implies an upside of 10% to 14%. The index closed at 46,389 on Tuesday. The target range for the Nifty Small-cap 100 has been set at 16,500-18,000, implying gains of as much as 18.5% over the index’s Tuesday closing of 15,189.

Nifty Likely to Move Up After Polls, Trade at 23,500-24,300

The brokerage is positive on Nifty IT, Pharma, and Metal indices, along with chemicals stocks and railways, realty, PSE, and PSU stocks.

“We anticipate the northward journey to persist for railways, realty, PSE, and PSU stocks, extending the positive trend observed in these sectors,” the report said.

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