Market Momentum: A Glimpse into 2024
Rajesh Palviya of Axis Securities paints an optimistic picture, emphasizing the sustained bullish trend in the market. Notably, 2023 marked the eighth consecutive year of a positive yearly close for the Nifty, indicating the market’s resilience and upward trajectory.
2024 Outlook: Large Caps vs. Mid Caps
While 2023 saw mid and small-cap stocks dominate the market, the spotlight now shifts to 2024. The overarching sentiment leans towards the potential resurgence of large-cap stocks, indicating a potential shift in momentum.
Nifty’s Projected Targets and Strategies
- Target Projection: Based on the current market structure, Palviya projects a Nifty target of 23,500 for 2024.
- Trading Strategy: A bullish stance prevails, suggesting a “buy on dips” approach. Specifically, once Nifty surpasses 21,850, a surge towards 22,000 or higher is anticipated by early January.
Bank Nifty: A Promising Outlook
Bank Nifty isn’t left behind in this optimistic forecast:
- Projected Target: If Bank Nifty crosses the 48,450 mark, an ascent to 49,000 is foreseen within January’s initial week.
Top Stock Picks: A Deep Dive
With the market backdrop set, Palviya highlights three stocks poised for growth:
1. Bajaj Auto (Automobile Sector)
- Current Momentum: Strong upward momentum observed.
- Target & Stop-loss: Aiming for 6,920 to 6,950 with a stop-loss set at 6,750.
2. Jindal Steel and Power (Metal Sector)
- Recent Performance: After consolidating for several sessions, the stock showcases a breakout pattern.
- Target & Stop-loss: Eyeing a rise towards 780 with a protective stop-loss at 735.
3. ACC (Cement Sector)
- Recent Surge: Recent sessions witnessed significant traction in cement stocks.
- Target & Stop-loss: Aiming for a breakout towards 2,270 with a stop-loss set at 2,165.
In Conclusion
As investors gear up for the upcoming week, Rajesh Palviya’s insights offer valuable guidance. With a mix of market trends, projected targets, and top stock picks, traders are better equipped to navigate the intricacies of the evolving stock landscape in the early days of 2024.
