Nifty Eyes Range Breakout Above 23,700; Top Picks, IT Bottoming Signs, and Pharma Profit-Booking Trends
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- •Nifty shows strong odds of breaking above 23,700 in a holiday-shortened trading week, supported by two consecutive closes above the 10-day SMA for the first time since May 8.
- •Nifty IT index shows early signs of bottoming after a low on May 14, holding critical support but facing resistance around 30,900–31,000.
- •Pharma stocks, including Gland Pharma and the Nifty Pharma index, exhibit signs of profit booking after extended gains, with RSI and Bollinger Band indicators signaling exhaustion.
- •Motilal Oswal recommends Samvardhana Motherson and Zydus Wellness for the week starting May 25, citing strong earnings growth, robust pipelines, and margin expansion.
Mumbai, May 24, 2026 — As the market approaches the monthly expiry in a holiday-shortened trading week, Geojit Investments’ Chief Market Strategist Anand James has highlighted a strong likelihood of a Nifty range breakout above the 23,700 level. In an exclusive interview, James analyzed early signs of a bottoming process in the Nifty IT index, emerging profit-booking trends in high-flying pharmaceutical stocks, and shared his top short-term technical stock picks.
