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.
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
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 |
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.
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.
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