Sharma: Nifty to 24,800, PNB top pick at Rs 120-124
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- Rahul Sharma of JM Financial calls the current market a "buy on dip" setup, with Nifty heading toward 24,800 as long as 23,700 isn't breached decisively.
- Sharma pinpoints 24,100 as the level where the current dip should attract buyers, citing Monday's gap-down open being bought into as evidence of dip-buying conviction.
- PSU enterprises, metals, and IT are emerging as a three-pillar leadership structure, which Sharma says signals institutional backing rather than a fragile single-trade rally.
- PSU banks are poised to lead the next leg of the Bank Nifty rally after taking a back seat during the recent seven-to-eight-session upmove, Sharma said.
- Punjab National Bank (PNB) is Sharma's highest-conviction name, with a Rs 120-124 upside target and a stop loss placed at Rs 111 from current levels.
Why it matters: Sharma's Nifty call hinges on a specific, testable trigger — a decisive break below 23,700 would invalidate the thesis — giving active investors a defined line in the sand rather than a vague directional view. His PNB recommendation goes further with hard Rs 120-124 targets and a Rs 111 stop loss, offering retail traders a concrete risk-reward setup grounded in technical levels.
