After slipping around 1% in August and failing to reclaim its 200-day moving average, Nifty may be undergoing accumulation rather than entering a deeper correction, as long as the crucial 24,000 support holds, according to Anand James, Chief Market Strategist at Geojit Investments.
James sees a breakout above 24,500 opening the door to 24,900–25,100 and eventually 25,500, while a breach of 24,000 could drag the index towards 23,700. For the week ahead, he has picked Ather Energy and Nazara Technologies as his top buy ideas. Edited excerpts from a chat:
