Analysts back buy-on-dips strategy as Nifty eyes 24,300–24,600

Published 13 July 2026 · finance

Analysts remain positive on Nifty’s direction and continue to recommend a buy-on-dips strategy. They see the index moving towards the 24,300– 24,600 zone as long

Analysts remain positive on Nifty’s direction and continue to recommend a buy-on-dips strategy. They see the index moving towards the 24,300– 24,600 zone as long as it stays above the key support level of 23,800.SOMIL MEHTA HEAD OF RETAIL RESEARCH, MIRAE ASSET SHAREKHANTrading Strategy: NIFTY: In the short term, Nifty remains range-bound, with 24,500–24,600 acting as the resistance zone and 23,800 as the key support. Traders may consider fresh long positions above 24,255, keeping a stop loss at 23,800 on a closing basis and targeting 24,600. BANK NIFTY: The Bank Nifty has rebounded from its 40 DEMA and is trading above its key daily averages. Support is seen at 57,400– 56,550, while 58,706– 59,250 remains the immediate resistance zone. Traders may consider buying on dips around 57,575–57,400, with a stop loss at 56,550 on a closing basis and a target of 58,706. 132354210TOP STOCK PICKS BEML: Buy | CMP: Rs 1,862.6 | Target: Rs 1,930–1,960 | Stop loss: Rs 1,805 The stock formed a strong base around the 50% retracement level before breaking out on July 1.

Over the past two trading sessions, the stock has rebounded sharply. Blue Star: Buy | CMP: Rs 1,662 | Target: Rs 1,730– 1,768 | Stop loss: Rs 1,597 The stock closed decisively above its triangle resistance in Friday’s session, supported by a bullish crossover in the daily and weekly momentum indicators.DHUPESH DHAMEJA RESEARCH ANALYST, SAMCO SECURITIESTrading Strategy: A Bull Put Spread appears to be an appropriate strategy for traders with a moderately bullish outlook. This can be executed by selling the 24,400 Put and simultaneously buying the 24,200 Put for the 14 July expiry. The strategy allows traders to benefit from time decay and premium erosion while maintaining a definedrisk profile. As long as Nifty sustains above the 24,100–24,200 support zone, the probability of success for the strategy remains favourable. TOP STOCK PICKS Steelcast: Buy | CMP: Rs 312 | Target: Rs 340 | Stop loss: Rs 297 Steelcast has resumed its primary uptrend after a prolonged consolidation, forming higher highs and higher lows while holding above its rising 20-day Exponential Moving Average (20 DEMA).

A breakout from a multi-week consolidation, followed by healthy consolidation near the breakout level, indicates strong buying interest and price acceptance at higher levels. Sobha: Buy | CMP: Rs 1,511 | Target: Rs 1,680 | Stop loss: Rs 1,426 Sobha has confirmed a breakout from a Cup and Handle pattern, resuming its primary uptrend. The stock is holding above its 200-Day Exponential Moving Average (200 DEMA), maintaining a higher high–higher low structure, while a rising Relative Strength Index (RSI) above 60 signals improving momentum.HITESH RATHI TECHNICAL ANALYST, ANGEL ONETrading Strategy: Traders may consider adopting a buy-on-dips strategy by accumulating Nifty on declines towards the 24,100–24,000 zone, with a stop loss below 23,800 and an upside target of 24,300–24,400. Given the presence of multiple overhead resistance levels, refraining from chasing upside momentum and instead buying on retracements offers a more favourable risk-reward proposition at the current juncture. TOP STOCK PICKS Knowledge Marine & Engineering Works Limited: Buy at Rs 2,410–2,400 | Target: Rs 2,500–2,550 | Stop loss: Rs 2,168 The stock appears poised to resume its strong uptrend after a brief consolidation, with a bullish Point and Figure setup across multiple timeframes signalling further upside.