New Delhi, June 23: Religare Broking has maintained a constructive outlook on the Indian equity markets, recommending investors adopt a “buy on dips” strategy as the Nifty continues to exhibit resilience amid supportive global cues. According to the brokerage’s latest Market Radiance report, the benchmark Nifty index recovered part of its recent losses and closed at 24,102.90, while the Sensex ended at 77,094.07. The brokerage expects the Nifty to potentially move towards the 24,450-24,600 zone as long as it holds above the crucial support level of 23,700.
Religare highlighted that buoyancy in banking stocks, coupled with rotational participation from other sectors, is helping sustain positive market sentiment. The report reiterates its preference for rate-sensitive sectors such as banking, realty and auto, along with pharma and defence, while advising caution on aggressive positions in the IT sector. The Bank Nifty has also resumed its upward trajectory and is trading comfortably above key short- and medium-term moving averages.
On the stock-specific front, Religare has maintained a ‘Buy’ rating on Lemon Tree Hotels with a target price of Rs 194, implying an upside potential of 63.4% from the current market price of Rs 119. The brokerage cited strong revenue growth, higher occupancy, improved average room rates, and an asset-light expansion strategy as key drivers for the company’s long-term growth prospects.
The report also recommended JSW Energy as its ‘Stock of the Day’, citing a robust bullish trend structure, a recent breakout from a flag continuation pattern, and strong trading volumes. Investors may consider accumulating the stock in the Rs 580-583 range, with a target price of Rs 621 and a stop loss at Rs 561, the brokerage said.
Among key corporate developments highlighted in the report, Garden Reach Shipbuilders received Navratna status from the Government of India, while Concord Biotech announced plans to acquire a 27.38% stake in FSGE Renewable Power to develop a hybrid renewable energy project in Gujarat. The report also noted fresh orders worth Rs 20 crore secured by Flair Writing Industries and the formation of a new subsidiary by KPI Green Energy to strengthen its renewable energy business.