Commenting on the Pre-open market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that Dalal Street is poised for a strong start to June, with Gift Nifty indicating a gap-up (+602, 23343) as bulls eye Nifty’s all-time high of 23,111, driven by optimistic exit poll results predicting a significant win for the BJP-led NDA.
Tapse also adds Key catalysts include India’s GDP exceeding estimates at 8.2% for FY24, a surge in Dow Jones by 574 points, increased odds of a September rate cut, early monsoon advancement, and a 10% rise in GST collections to Rs 1.73 lakh crore in May. With both FIIs and DIIs being net buyers, Nifty and Bank Nifty are set to climb, with targets of 23,111 and 50,000+ respectively.
On stocks to watch Tapse adds Bullish stocks to watch include ADANI PORTS, SUZLON, JUPITER WAGON, GMR INFRA, and HDFC AMC. Suzlon (CMP 47) is recommended for accumulation with long-term targets at 53/59 and an aggressive target of 75.
Read More: Stock Market LIVE: Markets at record highs on exit poll cues! Nifty above 23,300, Sensex