Mumbai, Maharashtra: SBI Securities Chief Market Strategist Sudeep Shah has shared his latest outlook on the Indian equity market.
According to Shah, the Nifty index is likely to remain rangebound between 24,300 and 24,800. He has advised traders to follow a buy-on-dips strategy while the broader market trend remains constructive.
Nifty Expected to Trade in a Range
Shah expects the Nifty to move within a defined range in the near term.
The key levels to watch are:
- Support: 24,300
- Resistance: 24,800
Traders may need to closely monitor these levels for signs of a breakout or breakdown.
Smallcap Stocks Show Strong Momentum
Shah also highlighted the continued strength in smallcap stocks.
The segment is showing bullish momentum, supported by positive technical patterns. This has increased optimism among market participants.
Smallcap stocks could continue to attract attention if the broader market maintains its positive trend.
FII Short Covering Supports Market
Another factor supporting the market is activity from Foreign Institutional Investors (FIIs).
Recent short covering by FIIs could provide additional support to Indian equities. However, traders should continue to monitor global and domestic market developments.
Stocks to Watch
Shah highlighted several stocks that traders should keep on their radar.
Trent
Technical levels in Trent could provide important signals about the stock’s next move. Traders should watch price action and trading volumes closely.
Kalyan Jewellers
Kalyan Jewellers is another stock that could attract market attention. Its technical setup may offer important directional clues.
Swiggy
Swiggy is also among the stocks highlighted in the market outlook. Investors should monitor its chart pattern and volume activity for potential signals.
Buy-on-Dips Strategy Remains in Focus
With the Nifty expected to remain rangebound, Shah prefers a buy-on-dips approach.
This strategy involves looking for buying opportunities when prices experience short-term corrections, rather than chasing stocks after sharp rallies.
However, traders should consider important support and resistance levels before taking positions.
Technical Levels Remain Important
The current market environment is being influenced by both domestic factors and FII activity.
Therefore, traders should pay attention to:
- Price patterns
- Trading volumes
- Support and resistance levels
- FII activity
- Broader market trends
These indicators can help traders identify potential entry and exit points.
Market Outlook Remains Cautiously Positive
Overall, Sudeep Shah’s market outlook remains cautiously optimistic.
The Nifty could continue to trade within the 24,300–24,800 range, while strong smallcap performance and FII short covering may provide additional support.
For traders, the key takeaway is to remain disciplined and look for opportunities during market dips while closely monitoring important technical levels.
