Nifty May Reach 23,000-23,150 on Short-Covering Rally, Analyst Says

Business Standard · stocks

An analyst suggests the Nifty index could climb to 23,000-23,150, driven by a short-covering rally. This surge is contingent on Nifty sustaining above the 22,550 low and surpassing the 22,800 resistance level. The daily momentum indicator shows a positive crossover, indicating a potential buying opportunity on pullbacks. Meanwhile, Bank Nifty is expected to consolidate between 54,700 and 56,700 ahead of key quarterly results. Specific stock recommendations include buying Britannia Industries, Jamna Auto, and Sun TV, with defined stop-loss and target prices.