New Delhi: After Finance Minister Nirmala Sitharaman presented Budget 2024 in the Lok Sabha on Tuesday, India’s stock market indices Nifty and Sensex nosedived but showed recovery towards the fag end of the day’s trading session. The 50 constituent Nifty closed below 24,480 levels on Tuesday. So, what is the Nifty share price target today? Research analyst Nitilesh Pawaskar has given Nifty targets for both the long term and the short term.
Nifty target
Sighting long and short term capital gains tax hikes on securities as proposed by the finance minister in the Budget 2024 on Tuesday, Pawaskar said “This is quite negative for market participants. I don’t think indices will sustain at higher levels. Investors should stay cautious and wait for lower levels to enter.” The technical analyst has given Nifty target of 22,000-22,600 if the index dips below 24,200 points.
According to the research analyst, Nifty will not sustain at current levels. So, investors should book part profit and wait for lower levels to enter the market.
Nifty long term target
Pawaskar has a word of advice for long term investors too. He said if Nifty holds above 24,200 levels then only long term investors should look to enter the market.
Sectors to watch after Budget 2024
Three sectors in which Pawaskar expects a correction are as follows
Auto
Real Estate
Telecom
The research analyst expects these three sectors to underperform in the near term. He has advised retail investors not to take position in stocks of the relevant sectors for now. He said, “Just wait for correction to enter in these three sectors.”
On Tuesday, Nifty Realty index nosedived in excess of two per cent as Sitharaman proposed in the Budget 2024 to remove indexation benefit given on capital gains made on the sale of properties. The realty index closed at 1090 points on Tuesday. Sunteck Realty, Lodha, Brigade Enterprises and Godrej Properties dipped the most on Tuesday.
Telecom stocks also plummeted after Sitharaman put forward the proposal to increase the basic customs duty on specified telecom equipment to 15 per cent. HFCL share price plunged 4.21 per cent to end at Rs 112.55 apiece. While, Vodafone Idea share price declined 3.84 per cent at Rs 15.28. On the other hand, Tejas Networks share price slumped 3.15 per cent and closed at Rs 1,273 and ITI share price slipped 2.28 per cent to Rs 296.
On the Budget 2024 day, auto stocks which fell the most were Bharat Forge, Ashok Leyland, Bajaj Auto and Apollo Tyres.
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Technical analyst Nitilesh Pawaskar sees Nifty target of 22,000-22,600 on any fall below 24,200 levels. On Tuesday, July 23, 2024, the 50 constituent index fell 0.12 per cent and closed below 24,480 points. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
