Nifty Strategy: Analyst Recommends Jubilant FoodWorks and Pidilite Stocks
Analyst shares Nifty strategy; bets on Jubilant FoodWorks, Pidilite
Business Standard
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Vinay Rajani, a senior analyst at HDFC Securities, suggests a bullish outlook for the Nifty index, which closed at 24,576 after gaining 211 points. He recommends buying shares of Jubilant FoodWorks and Pidilite, highlighting their positive technical indicators and growth potential.
- 01Nifty index closed at 24,576, up 211 points, marking a three-day winning streak.
- 02The index has surged nearly 11% from its recent low of 24,182.
- 03Jubilant FoodWorks is recommended with a target price of ₹485.
- 04Pidilite is also recommended with a target price of ₹1,460.
- 05Both stocks show positive technical patterns and strong volume trends.
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The Nifty index continued its upward momentum, closing at 24,576 after a gain of 211 points on April 22, marking its third consecutive day of gains. The index has increased nearly 11% from its recent swing low of 24,182, and analysts believe it is on track to reach its 200-day exponential moving average (DEMA) near 24,800. Vinay Rajani, a senior technical and derivative analyst at HDFC Securities, recommends buying shares of Jubilant FoodWorks (CMP: ₹472, target: ₹485) and Pidilite (CMP: ₹1,405, target: ₹1,460). Both stocks exhibit strong bullish indicators, with Jubilant FoodWorks breaking out from an inverted head and shoulder pattern and Pidilite reclaiming its position above the 50 DEMA after a significant period. The overall market trend remains positive, supported by healthy trading volumes.
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Investors in the stock market may see potential gains from the recommended stocks, which could lead to increased portfolio values.
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