The Nifty index is consolidating between 23,400-23,800 with weak sentiment prevailing in the market. According to Rupak De, Senior Technical Analyst at LKP Securities, the index has been consolidating within this range for the last few days and has failed to reclaim the 20EMA. The momentum indicator RSI is also in a bearish crossover, while the 20EMA and 50EMA are in a bearish crossover. As reported by De, overall sentiment remains weak and this weakness may continue in the short term as long as the index stays below 23,800. However, a decisive move above 23,800 could trigger a strong rally, while a fall below 23,400 may induce panic in the market. The latest market guidance recommends buying Manappuram Finance (Target ₹345) and Apollo Micro Systems (Target ₹385) for near-term 8% gains, with both stocks showing strong bullish technical breakouts above resistance levels with volume support.
Manappuram Finance is recommended at ₹319.15 with an upside target of ₹345 and stop loss at ₹308. According to Virat Jagad, Sr. Technical Research Analyst at Bonanza Portfolio, the stock has given a strong breakout above the ₹318–320 resistance zone after consolidating in a bullish flag pattern. The stock is trading above all major EMAs, reflecting strong short- to medium-term momentum, while RSI near 65 signals sustained buying strength without entering extreme overbought territory. Volumes have also improved during the breakout move, supporting bullish price action. Fresh buying can be considered at current market price with stop loss at ₹308, while upside targets are placed at ₹345 and ₹355 in the near term.
Apollo Micro Systems is recommended at ₹356.7 with an upside target of ₹385 and stop loss at ₹340. As reported by Virat Jagad, Sr. Technical Research Analyst at Bonanza Portfolio, the stock has witnessed a strong breakout above the crucial ₹355 resistance zone backed by sharp volume expansion. The stock is trading above all major EMAs, reflecting strong bullish structure across short- and long-term time frames, while RSI is sustaining above 60, supporting positive momentum despite minor volatility. Fresh buying can be considered at current market price with stop loss at ₹340, while upside targets are placed at ₹385 and ₹400. Sustained trade above ₹355 can further accelerate bullish momentum in coming sessions.
