New Delhi: CNI Research has given Nifty target price of Rs 24,000 for the near-term. The equity research house predicts that the mentioned figure is going to be Nifty’s next resistance level. If the 50 constituent index crosses this level, then, the research house sees the benchmark index touch 25,800 in August 2024. Although, the equity house research didn’t hesitate to add that hiccups can delay Nifty target price August 2024. The research house said, “Our target of 25,800 in August will get deferred though we still Hold 24000 target intact.”
Pick businesses which are efficient to beat the market
According to CNI Research, at current levels, retail investors should pick businesses that are efficient to beat the market. On Wednesday, June 05, 2024, the benchmark equity indices Sensex and Nifty began the trade on an optimistic note after Dalal Street witnessed bloodbath on the Lok Sabha Election 2024 Results day.
Making a strong comeback, the 30-share BSE Sensex was up more than 1,200 points and traded around 73,340 levels in Wednesday’s afternoon trade. While, the NSE Nifty was up almost 400 points and was hovering around 22,200 levels.
Among the 30 Sensex companies, Hindustan Unilever, Nestle, Asian Paints, HCL Technologies, HDFC Bank, Kotak Mahindra Bank and ITC were the biggest gainers. Larsen & Toubro, Power Grid, NTPC and State Bank of India were among the laggards.
The Election Commission declared results for all 543 Lok Sabha constituencies. BJP won 240 seats and the Congress got 99 seats.
“The market will take some time to absorb the unexpected election results. Stability will return to the market soon but volatility will continue till there is clarity on the cabinet and the key portfolios,”said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Nifty has become cheaper
Vijayakumar added that Tuesdays sharp market correction reduced the froth of excessive valuations from the market. According to him, FIIs can make a comeback once clarity emerges on the formation and composition of the cabinet.
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On equity benchmark index, Nifty, equity research house, CNI Research, has said, that, it has set Nifty target price of 25,800 in August 2024. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
