Nifty may climb further: Nilesh Jain; shares views on TCS, BoM, BoB

Centrum Broking's Nilesh Jain believes the ongoing pullback in the equity market may extend further if the Nifty50 index manages to close above the key 24,050 mark.

In an interaction with BTTV on Thursday, Jain said, "Yesterday's session was marked by heavy selling in the market, with the India VIX witnessing a sharp spike. Today, however, the positive development is that the VIX has already cooled off by around 10 per cent, giving some confidence back to the bulls."

Jain noted that the market is witnessing a pullback, with Nifty reclaiming its 100-day moving average (DMA) at 24,050, a level that had been acting as key resistance.

"If Nifty closes above 24,050, then we can expect a follow-up move on the upside towards 24,200-24,400 levels. And, it looks like this pullback upmove is likely to continue," he said.

The market expert also shared his technical outlook on select stocks.

On Bank of Maharashtra Ltd (BoM), Jain said the PSU banking space could remain under pressure in the near term.

"I believe this particular space is likely to remain under pressure going forward as well. As far as BoM is concerned, it has support at Rs 78. That should be your stop loss," he said.

On Bank of Baroda Ltd (BoB), he said the stock has witnessed a technical breakdown.

"Bank of Baroda has given a breakdown from Rs 250 level. So, till the time it doesn't reclaim Rs 250, the setup is looking slightly on the negative side. One can keep a trailing stop loss now at Rs 238 and stay put for a pullback trade, maybe towards Rs 250-255," Jain said.

Sharing his view on Tata Consultancy Services (TCS), which is scheduled to announce its Q1 FY27 results later in the day, Jain said the stock's broader technical setup remains weak.

"The broader structure is on the negative side. Those willing to hold should keep a strict stop loss placed at Rs 1,900," he said.