Nifty at risk below 24,000; MCX, Havells among stocks to watch next week: Rupak De
Nifty faces a crucial 24,000 support level after weakening momentum, with a break potentially triggering short-term bearishness. Analyst Rupak De favours auto and PSU banks, while highlighting MCX, ELGI Equipments, Havells and Himadri Speciality Chemical as trading opportunities.
The Indian stock market experienced a dip in the previous week, with the Nifty dropping around 1% and encountering key support levels. Despite the overall positive trend, Senior Technical Analyst Rupak De suggests that a break below 24,000 could lead to a short-term bearish outlook for the benchmark index. For the upcoming week, De anticipates the 24,000 level to remain crucial for the Nifty, while 24,700 could act as the next upside target if the market moves back up.
De remains optimistic about the auto and PSU bank sectors, while anticipating continued pressure on FMCG and energy stocks. Among individual stocks, MCX is technically strong after its recent rally, while Havells, ELGI Equipments, and Himadri Speciality Chemical are among his top trading ideas for the coming week.
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