Indian Stock Market Outlook

The Nifty has achieved a consolidation breakout on the daily chart, driven by robust technical movements in IT giants. Sentiment appears positive, supported by indicators and popular overlays suggesting continued strength. Key support is at 24,400, marked by significant short buildup from put writers. The buy-on-dips strategy is favored until Nifty dips below 24,400, with the current rally potentially extending towards 24,800.

Bank Nifty

The Bank Nifty exhibited volatility but closed flat. Bullish sentiment is likely to persist, with the index finding support at the 21 EMA on the daily timeframe. A buy-on-dips strategy is recommended unless the index falls below 21,700. Resistance is seen at 52,800, and surpassing this level could propel the index towards 54,000.

Stocks to Buy

Indian Bank (Buy at ₹559 | Target Price: ₹600 | Stop Loss: ₹542)

Analysis: Following a consolidation breakout on the daily timeframe, Indian Bank appears promising for the short term. The stock is maintaining its position above the critical moving average.

Indicators: The RSI is in a bullish crossover and rising.

Target: The stock may reach ₹600, with support at ₹542.

Birlasoft (Buy at ₹731 | Target Price: ₹800 | Stop Loss: ₹700)

Analysis: Birlasoft has experienced a downward consolidation breakout on the daily chart, with a positive trend sustained above the critical moving average.

Indicators: The daily RSI is in a bullish crossover.

Target: The stock may move towards ₹800, with support at ₹700.

IRFC (Buy at ₹216.50 | Target Price: ₹230 | Stop Loss: ₹208)

Analysis: IRFC has advanced following a consolidation breakout on the daily chart. The positive trend continues above the critical moving average.

Indicators: The daily RSI is in a bullish crossover.

Target: The stock may reach ₹230, with support at ₹208.

Disclaimer: Investors are strongly advised to consult certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.