July 23, 2024 / 09:07 AM IST
Prashanth Tapse, Senior VP (Research), Mehta Equities
Despite Nifty trading in the red for most of the session, FIIs were net buyers, investing Rs 3444 crore. Gift Nifty is on the rise this Tuesday morning, with bullish hopes pinned on the Finance Minister’s economic blueprint, which could propel Nifty to the 25000 mark. The market anticipates a fiscal deficit reduction to 4.5% of GDP by 2025-26.
FM Sitharaman is expected to deliver a balanced budget focused on job creation, capex, manufacturing, infrastructure, the rural economy, and deficit control.
Key Q1 results from Bajaj Finance, HUL, ICICI Pru Life, M&M Fin, SRF, and Torrent Pharma are due today.
Investor confidence is growing amidst economic dynamism, with significant gains in Nifty levels and market cap since 2014. Preferred trades include buying Nifty and Bank Nifty in specified zones, with aggressive targets highlighted. Balrampur Chini, Coforge, and NTPC are poised for a potential breakout.
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