According to Rajesh Bhosale, Equity Technical Analyst at Angel One, the Nifty’s overall trend remains positive despite Monday’s tentative start.
“It’s mainly due to geopolitical concerns. Last week, we had a strong closing above key averages and retracement levels. The golden retracement near 25,100, which was breached last week, is now likely to act as support, followed by 25,000,” Bhosale said in an interview with ET Now.
He added that the immediate resistance lies between 25,250 and 25,300, which is formed by a trendline connecting the lower lows on the chart.
“As of now, the market is in a range, but the bias remains positive. Any dip towards 25,100–25,000 should be viewed as a buying opportunity,” he advised.
Banking stocks outperform: Axis Bank leads the charge
Despite weakness in the benchmark index, the banking space continues to show resilience, with Bank Nifty outperforming broader markets.“In the recent up move, Axis Bank was a lead contributor. The stock rallied from ₹1,000 to around ₹1,220 and, despite a minor correction last week, continues to hold above the bullish gap and 20-day EMA,” Bhosale noted.He expects further strength in the counter, recommending a buy on Axis Bank with:
Stop Loss: Rs 1,160
Target: Rs 1,240
HDFC AMC poised for momentum
Bhosale also turned bullish on HDFC AMC, citing strong technical support at ₹5,400 that has held firm for several months.
“From this key support, we are seeing a strong bullish gap in today’s session. The stock looks poised for strong upward momentum,” he said.
He recommends a buy on HDFC AMC with:
Stop Loss: Rs 5,425
Target: Rs 6,000
Market outlook: Buy-on-dips strategy
Bhosale maintains a constructive view on the markets in the near term. With the Nifty holding above key retracement levels, the “buy on dips” strategy remains intact, particularly around the 25,100–25,000 zone.
“Overall, the trend remains positive unless the Nifty decisively breaches 25,000,” he concluded.
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