Sensex Today | Stock Market View: Prashanth Tapse, Senior Vice President (Research), Mehta Equities
Wall Street remains closed for Martin Luther King Jr. Day, and Gift Nifty signals a cautious start. Nevertheless, 2024 is shaping up to be a positive year for Dalal Street, with expectations that Nifty will reach new all-time highs supported by favorable economic and geopolitical factors. Bank Nifty is also expected to join the uptrend and aim for an all-time high of 48,636. Positive factors include net buying by FIIs, optimism about another Fed rate cut, easing concerns about stubborn US inflation, and a growing likelihood of 25% inflation. Interest rates were lowered by basis points in March. From a technical perspective, Nifty is expected to set an aggressive upside target of 22500, while Bank Nifty is likely to outperform with his target of 48636. Nifty options data shows a trading range of 21300-21700. Q3 corporate earnings include HDFC Bank, ICICI Lombard, LTTS, Federal Bank, Bank of Maharashtra, ICICI Securities, Jindal Soh and Network18. Preferred trades include buying Nifty with target price 22151/22251 on CMP and buying Bank Nifty with target price 48636 on CMP. On the chart of the day, INDIGO, APOLLO TYRES, MAZGAON DOCK, COFORGE, TATA POWER, and INDIAN BANK are bullish. CEINSYS TECH is recommended as a buy with a 12-15 month holding period, targeting 500/589, and an aggressive target of 750 with stops below 279.