Nifty Targets 24,800 After Healthy Correction; Jindal Steel and NMDC Recommended
Nifty eyes 24,800 after healthy correction; Vinay Rajani picks Jindal Steel and NMDC
The Economic Times
Image: The Economic Times
Indian equity markets are recovering after a healthy correction, with Nifty aiming for 24,800 following an 800-point pullback. Analyst Vinay Rajani from HDFC Securities recommends buying Jindal Steel & Power and NMDC, citing strong opportunities in the steel and metals sectors.
- 01Nifty corrected 800 points after a 2,400-point rally, indicating a healthy market structure.
- 02Analyst Vinay Rajani expects Nifty to reach 24,800, supported by broad-based buying.
- 03Key support level for traders is 23,800, with a stop loss recommended at this point.
- 04Jindal Steel & Power is recommended for entry at ₹1,270–1,275, targeting ₹1,350.
- 05NMDC is suggested as a buy at ₹90.50, with a target of ₹94.
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The Indian equity markets are showing positive momentum as Nifty aims for 24,800 following a healthy correction. After a significant 2,400-point rally from a low of 22,200, Nifty pulled back 800 points to 23,800, marking a one-third retracement that indicates a strong underlying trend rather than weakness, according to Vinay Rajani, AVP and Senior Technical & Derivative Analyst at HDFC Securities. He highlights that the market structure remains intact and is supported by broad-based buying. For traders, 23,800 serves as the key support level, while the immediate target is the 200-day exponential moving average at 24,800. Rajani is particularly bullish on the steel and metals sectors, recommending Jindal Steel & Power as a buy within the ₹1,270–1,275 range with a target of ₹1,350. He also suggests NMDC, currently trading around ₹90.50, as a buy with a target of ₹94.
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Investors in the Indian stock market could see potential gains from the recommended stocks, particularly in the steel and metals sectors.
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