Nifty 24060 Prediction & IT Sector Outlook – Geojit
Nifty 24060 Prediction & IT Sector Outlook – Geojit signals potential downside risk for the Nifty 50, possibly testing the 24,060 level before recovery, according to Geojit’s chief market strategist, Anand James. However, the news is not all bearish, as the IT stocks sector looks promising, primed for a considerable breakout, with a target of 40,300. James sees a major chance in this sector, advising investors to watch movements closely. While PSU banks may face headwinds despite anticipated rate cuts, opportunities exist with specific stock picks like Ashoka and BLS, both recommended as buys. News Directory 3 brings you the latest insights. Discover what’s next.
Nifty Faces Downside Risk; IT Stocks Show Bullish Potential
Updated June 15, 2025
Despite a recent recovery attempt, the Nifty 50 companies index faces potential downside risk in the coming week, according to Anand James, chief market strategist at Geojit investments Limited. James anticipates the index could test the 24,060 level before a ample recovery materializes.
However,James sees a luminous spot in the IT stocks sector.He believes IT stocks are poised for a significant breakout, possibly surging toward 40,300, driven by an inverted Head & shoulders pattern nearing completion.
Regarding PSU banks, James suggests they may struggle despite expectations of rate cuts and easing liquidity. The Nifty PSU Bank Index showed signs of exhaustion,potentially limiting positive momentum.
James highlighted specific stocks to watch. He recommends a ”buy” view on Ashoka,with a target of 224 and a stop-loss at 198. The stock has found support near the 50% Fibonacci retracement level, signaling a possible reversal. Similarly,BLS is another “buy” recommendation,targeting 400 with a stop-loss at 349. BLS has also found support near a key Fibonacci level, indicating a potential short-term pullback.
What’s next
Investors should closely monitor NiftyS movement around the 24,060 level and watch for confirmation of the IT stocks breakout. Keep an eye on Ashoka and BLS for potential gains, while remaining cautious about PSU banks in the short term.