India’s benchmark Nifty50 is expected to surpass its lifetime high of 18,887.60 it hit last December. Midcap stocks are also likely to see stronger momentum, benefiting investors. The Nifty midcap index saw a faster pace of retracement, approaching its all-time high. The recent consolidation has been aided by market breadth, with 60% of the stocks of the Nifty500 universe trading above 200-day SMA compared to April’s reading of 48%. The ever-present foreign institutional investment is also a key supporting factor. Recommended midcap stocks to invest in include Brigade Enterprises, Laurus Labs and PNC Infra.
Tech View: Nifty eyes 24,050 as next target; support at 23,550 from put writing. How to trade on Thursday
Tech view: Rupak De of LKP Securities noted that the Nifty could move towards 24,050 in the near term, with support at 23,500, where maximum
February 5, 2025