L&T a strong buy for June 23 as Nifty eyes breakout, say experts
Dharmesh Shah of ICICI Securities suggests buying Larsen & Toubro shares on June 23 as Nifty 50 eyes a breakout towards 25,500. Market sentiment remains bullish.
India's stock markets surged on Friday, with strong gains across sectors driving benchmark indices sharply higher. The Sensex closed 1,046.30 points up at 82,408.17, while the Nifty 50 jumped 319.15 points to end the day at 25,112.40. A broad-based rally saw 44 out of 50 Nifty stocks ending in the green, reflecting robust investor sentiment.
Dharmesh Shah, Vice President at ICICI Securities, commented on the market’s momentum, noting that the Nifty 50 appears set to break out of a five-week consolidation range between 24,500 and 25,200. If this breakout sustains, Shah expects the index to touch 25,500 in the coming weeks.
For short-term investors, Shah has identified Larsen & Toubro (L&T) as a strong buy for June 23, citing technical indicators and market momentum aligning in the company’s favor.
With optimism returning to Dalal Street, traders and investors are closely watching for sustained breakouts and sector-wide participation in the week ahead.
