Index View: Nifty

The Nifty index made a significant recovery, gaining nearly 150 points from its intraday lows on Wednesday. This rebound was attributed to a weaker global handover, ending the day flat. The index has been maintaining above its recent resistance level of 22450, awaiting a short covering trigger. Charts suggest a potential rise towards 22800+ this week, contingent on a positive sentiment trigger. On the downside, 22250 is expected to act as a fresh demand generator.

Bank Nifty

Conversely, Bank Nifty ended at a 9-month low earlier this week, pressured by the smaller private banking sector. A sustained price action below 47800 could lead to a bearish cup and handle breakdown. A short covering move is unlikely without a close above 49000.

Top Stock Recommendations

DLF (BUY): LCP: 668.70, Stop Loss: 646, Target: 718. DLF has seen a 35% correction from its highs, mirroring the 2021-2022 correction during the REALTY bull market. A reversal has been confirmed on weekly charts, indicating an initial spike of 6-8% on the upside.

SRF (BUY): LCP: 2958.60, Stop Loss: 2846, Target: 3100. SRF has achieved its highest ever weekly closing, signaling the end of a multiyear consolidation in the chemicals sector. The stock's momentum is expected to continue, potentially extending another 5-7% from CMP.

ADANIPORTS (BUY): LCP: 1128.30, Stop Loss: 1098, Target: 1200. A 3-month trendline breakout has been observed, aligning with a reversal from a 50% retracement zone near 1000, where a triple bottom was formed. A retest of the 200 DMA upside towards 1200+ is now anticipated.

Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.