CLSA expects that the NSE Nifty 50 may hit 26,333 or a record high in calendar year 2025 as the index is appearing to resume the original pattern. Indus Towers Ltd., Shriram Finance Ltd., and Cholamandalam Investment and Finance Ltd. are CLSA's choice for purchase.
The Nifty 50 is set to resume its original breakout from the double-bottom pattern noticed in April and February. Now, a close above the upper boundary of the narrow range that has formed over the past two months between 24,400–24,460 and 25,116-25,222 would confirm the resumption of the original base breakout that supports an upside target of 26,333, CLSA said. This is likely to be a retest of 2024 highs for the index.
As long as Nifty 50 moves above the upper boundary of the cited double-bottom, CLSA will continue to give benefit of doubt to the upside.
The index will find support at 24,400-24,460 at first. After it breaks these levels, it will find support at 24,061 and 21,700–21,710.
Indus Towers
Indus Towers Ltd. has also resumed its original breakout which targets a move up to the Rs 482-490 area. The stock has spent last two months consolidating above its 200-day moving average and upper boundary of the November 2024 and April 2025 trading range, the brokerage said.
Cholamandalam Investment And Finance
Cholamandalam Investment And Finance has formed a cup-and-handle consolidation pattern below the Rs 1,650–1,684 resistance provided by the September 2024 highs and the highest levels it touched in May, the brokerage said.
As long as Cholamandalam Investment And Finance trades above its support levels given by 200-day moving average currently at Rs 1,425 the benefit of doubt remains to the upside, the brokerage said.
A break above Rs 1,650-1,684 would trigger the cited consolidation pattern's bullish implications, which supports an upside target of Rs 2,397-2,400, CLSA said.
Shriram Finance
Shriram Finance has traced out a consolidation pattern below the Rs 717.50–772.04 resistance zone provided by the September 2024 and April highs. The series of higher lows that has formed off the January lows give the consolidation pattern a bullish bias and set the stock up for an ultimate breakout, CLSA said.
If Shriram Finance closed above Rs 717.50-772.04, it would trigger the consolidation pattern's bullish implication and support an upside target of Rs 1,070-1,80, the brokerage said. CLSA would suggest a buy at this level. The stop loss is at Rs 623 apiece.
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