Market Analyst Recommends Apollo Hospitals and Federal Bank Amid Nifty Volatility
Analyst shares Nifty strategy; recommends Apollo Hospitals, Federal Bank
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Ajit Mishra from Religare Broking advises a cautious approach to trading as Nifty faced volatility, closing at 23,405.60. He recommends buying Apollo Hospitals and Federal Bank, targeting ₹8,900 and ₹322 respectively, while maintaining strict risk management.
- 01Nifty closed down 0.33% at 23,405.60, influenced by geopolitical tensions and rising oil prices.
- 02Apollo Hospitals is recommended with a target price of ₹8,900 and a stop loss at ₹7,980.
- 03Federal Bank is advised with a target of ₹322 and a stop loss at ₹289, showing strength post-consolidation.
- 04The Nifty's immediate resistance is seen at the 23,550–23,700 range, while a drop below 23,150 could lead to further declines.
- 05Sector performance was mixed, with IT stocks dragging down the index, while banking stocks helped limit losses.
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Ajit Mishra, Senior Vice President of Research at Religare Broking, has shared insights on the Nifty index, which closed at 23,405.60, down 0.33% amid ongoing global uncertainties and macroeconomic concerns. The market's volatility was exacerbated by geopolitical tensions in the Middle East and rising Brent crude prices, leading to a weaker rupee. Mishra highlighted a mixed sector performance, with IT stocks underperforming while banking stocks showed resilience. He recommends a cautious, stock-specific trading strategy. Notably, he suggests buying Apollo Hospitals Enterprise at a last traded price of ₹8,290.50, targeting ₹8,900 with a stop loss at ₹7,980. Additionally, he recommends Federal Bank at ₹301.05, with a target of ₹322 and a stop loss at ₹289. The overall market remains uncertain, with key resistance levels identified and a need for strict risk management in trading activities.
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Investors may need to adjust their portfolios based on current market volatility and geopolitical tensions.
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