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Research Desk Update: Nifty CY24 Target Achieved in Just Six Months

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Bajaj Broking's Research Team has consistently demonstrated an ability to accurately anticipate market trends, and the first half of 2024 has been no exception. The Indian markets have not only met but exceeded the expectations outlined in our Market Outlook CY - 2024 report, reaching our CY24 target of 24,300 in just six months!

And that is not all. Six of the seven stocks outlined to do well in 2024 have already met their price targets! That is an average return of 23%! One stock recommendation remains open at present.

Market Outlook and Achievements

In the ‘Market Outlook & Top Picks CY-2024’ report, circulated with clients on December 27, 2023, we had forecasted Nifty to rise from 21,418 to 24,300. True to our analysis, the Nifty has surged by 14%, achieving our target in today's session.

Click on the link to download the Market Outlook & Top Picks CY-2024 report

Here is a closer look at the performance of other key sectoral indices, reinforcing the belief in our (values as of July 4, 2024, 11:00 AM):

INDEX

RECOMMENDED LEVEL

TARGET

CURRENT VALUE

RETURN

Bank NIFTY

47,751

55,000

53,100

10%

Nifty IT

35,470

40,500

37,800

6%

BSE Capital Goods

54,342

63,000

74,183

16%

BSE Power

5,693

6,650

8,012

17%

PSU Bank

5,594

6,400

7,274

17%

Nifty Metal

7,736

8,400

10,000

9%

BSE Realty

6,028

6,850

8,757

13%

Nifty Pharma

16,544

18,500

19,927

12%

Additional Read: All about the Nifty 50

Reliable Stock Picks

We are happy to report that our Research Desk’s stock recommendations have once again delivered exceptional returns, highlighting our reliability to read and analyze the markets.

Here is a snapshot of our top picks from December 2023 and their performance over the last six months:

DATE

NAME

BUY PRICE

TARGET

RETURN

STATUS

28-12-2023

Bharat Electronics

178

227

25%

Target Achieved

28-12-2023

GAIL India

147

184.50

24%

Target Achieved

28-12-2023

Exide Industries

297

370

12%

Target Achieved

28-12-2023

CESC

124

155

24%

Target achieved

28-12-2023

SBFC Finance

88

114

-

Open

28-12-2023

Strides Pharma Science

648

820

23%

Target Achieved

28-12-2023

Sasken Technologies

1348

1815

31%

Target Achieved

Outlook for the Rest of 2024

Our Research Team’s comprehensive analysis and market insights continue to guide consumers towards promising opportunities. Looking ahead, we expect Nifty to maintain its upward trajectory, aiming for 25,500-25,800 levels by December 2024. While some profit booking is anticipated at higher levels, we view this as an opportunity to accumulate quality stocks.

Historically, market corrections have ranged from 4% to 6%, presenting excellent buying opportunities. From current levels, a similar correction would suggest key medium-term support at 22,800-23,300, coinciding with previous breakout areas.

In Conclusion

We remain committed to delivering reliable and insightful market analysis. Our proven track record of accurate forecasts and high-performing stock recommendations reiterates our position as a trusted market advisor.

Stay tuned for more updates and opportunities from our Research Desk as we navigate the coming months.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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