Nifty Eyes 24,600 Retest: Two Stock Picks to Watch Now

The Indian equity markets are signaling a decisive shift after a month-long consolidation phase, with momentum gathering strength across major indices. According to technical analysis, the current market structure suggests a bullish trajectory as Nifty prepares to challenge its previous highs.

Nifty's Bullish Momentum and Key Support Levels

After a period of sideways movement, the Nifty is breaking out of its consolidation zone. Rajesh Bhosale, Equity Technical Analyst at Angel One, notes that the momentum shift observed recently is gaining significant traction. With the index sustaining levels above critical support, the short-term market bias has turned decisively positive.

Bhosale anticipates that Nifty is now on a course to retest its April swing high of 24,600. For investors looking to participate in this rally, the 23,750–23,800 zone is identified as a vital support area. The recommended strategy for the current market environment is to "buy on dips" rather than chasing sudden price spikes, ensuring a disciplined entry into the market.

High-Conviction Pick: Trent Ltd

One of the standout performers in the current breakout is Trent Ltd. The stock had recently been stuck in a range-bound pattern for approximately one month, fluctuating between its 50-day Exponential Moving Average (EMA) and its 200-day Moving Average (DMA).

However, recent price action has changed the narrative. Trent successfully broke above its 200-day DMA, confirming a price range breakout. This technical setup suggests a new leg of growth for the retail giant.

  • Action: Buy
  • Target Price: ₹3,080
  • Stop Loss: ₹2,790

Momentum Play: Phoenix Mills

The second high-conviction recommendation is Phoenix Mills, which is exhibiting a classic technical reversal pattern. The stock has formed a "textbook double bottom" on its 200-day DMA, a formation that technical analysts widely view as a strong signal for a trend reversal.

With the double bottom breakout now confirmed, Phoenix Mills is positioned for strong near-term momentum. Analysts suggest that the stock is well-primed to capitalize on the broader market recovery.

  • Action: Buy
  • Target Price: ₹1,950
  • Stop Loss: ₹1,760

Broader Market Outlook and External Factors

Meskipun momentum pasca-konsolidasi tampak nyata, para ahli memperingatkan bahwa reli ini masih dalam tahap awal. Investor disarankan untuk tetap selektif terhadap saham tertentu dan menjaga disiplin yang ketat dengan menggunakan stop loss yang telah ditentukan.

Lingkungan eksternal juga memberikan latar belakang yang mendukung bagi ekuitas India. Kinerja yang kuat di pasar Asia dan pergerakan naik pada futures ekuitas AS menunjukkan bahwa sentimen global saat ini selaras dengan sentimen bullish domestik, memberikan dorongan lebih lanjut bagi kenaikan Nifty menuju level 24.600.

Poin-Poin Penting

  • Prospek Nifty: Indeks ini menargetkan pengujian kembali level 24.600, dengan 23.750–23.800 berfungsi sebagai zona dukungan utama bagi pembeli saat terjadi penurunan (dip-buyers).
  • Peluang Saham: Trent (menargetkan ₹3.080) dan Phoenix Mills (menargetkan ₹1.950) telah muncul sebagai pilihan dengan keyakinan tinggi karena adanya breakout teknikal yang signifikan.
  • Strategi Investasi: Pendekatan "beli saat turun" (buy on dips) dengan disiplin stop-loss yang ketat direkomendasikan saat pasar memasuki fase momentum baru.