Business · India Bureau
HDFC Securities strategist backs Nifty dips, favours HAL and Karnataka Bank
Market strategists are recommending investors use weakness in the Nifty 50 index as a buying opportunity, with key support levels identified at 22,580 and 22,300. Selective stock picks in the defence and banking sectors are also drawing bullish sentiment.
LSN India ·
Vinay Rajani, a market strategist at HDFC Securities, has advised investors to adopt a buy-on-dips approach in the Nifty 50 index, citing a shift in key support levels higher in the market structure. The strategist has identified 22,580 as the primary support level, with a secondary support at 22,300, suggesting limited downside risk at these junctures.
The recommendation reflects confidence in the index's ability to absorb selling pressure and find solid ground for recovery. Such strategies typically appeal to investors seeking to accumulate positions during temporary market pullbacks rather than chasing rallies at elevated levels.
Beyond index-level guidance, Rajani has also expressed bullish conviction on individual stock picks. HAL, the defence public sector undertaking, and Karnataka Bank have been identified as attractively valued opportunities. Both stocks align with broader market themes, with HAL benefiting from increased defence spending momentum and Karnataka Bank poised to capitalise on banking sector expansion in India's growing economy.
The dual approach of tactical buying in the broader market combined with selective stock exposure reflects a measured optimism about near-term market direction, though investors are advised to exercise caution around identified resistance and support zones.