Nifty holds 24,000; 23,700 key support as Akshay Bhagwat bets on Power Grid, Adani Ports

With the Nifty stabilising above the crucial 24,000 mark, Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services, outlines the key levels to watch, flags easing volatility as a positive trigger, and shares top stock ideas across power, consumption, and Adani group names while urging caution on the recent realty rally.

Here are edited excerpts from the interview:

Nifty has held 24,000. What levels should investors watch next?

The recovery is strong, but much of last week’s gains came from gap-ups. Key support is at 23,700, while resistance levels are 24,300 and 24,500. With volatility cooling and momentum improving, the outlook remains positive as long as 23,700 holds.

What are your top stock ideas right now?

I like Power Grid in the power space—it’s been consolidating and looks set for a breakout. Targets are 315–320 with a stop loss at 294.
The second is Jubilant FoodWorks, which is a buy-on-support trade. Strong volumes near 410 suggest a recovery towards 472–495, with a stop loss at 418.

What’s your view on Adani group stocks? Any top pick?

The Adani pack has seen strong momentum and positive derivative activity. Among them, Adani Ports looks the best placed. From current levels around 1475, it could move towards 1580–1600, with support at 1400.

Realty stocks have surged recently. What’s your take on the sector?

The rally is largely a rebound from oversold levels rather than a confirmed trend reversal. The Nifty Realty Index may see another 2–3% upside, but it’s too early to call it a sustained uptrend.

Any realty stocks you prefer?

Oberoi Realty looks strong on charts. For a medium-term horizon of about three months, targets of 1850–1900 are achievable.