Indian stock market: On Thursday, June 13, the Sensex and Nifty 50, India’s leading stock market indices, reached new all-time highs during the session. This surge was driven by robust macroeconomic indicators, fostering optimism regarding India’s economic growth prospects in the medium to long term.
In the trading session, the Sensex reached a new all-time high of 77,145.46, and the Nifty 50 achieved a new peak of 23,481.05.
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By the end of the day, the Sensex concluded at 76,810.90, marking an increase of 204 points, or 0.27%. Similarly, the Nifty 50 closed with a gain of 76 points, or 0.33%, at 23,398.90. This resulted in both indices settling at their highest-ever closing levels.
“Nifty index opened positive and went on touch a fresh all time high of 23481 levels. However, it lacked momentum and remained in a range of 127 points throughout the session. It formed a small bodied Bearish candle on daily frame and closed with gains of around 70 points. Now it has to hold above 23350 zones for an upside move towards 23550 then 23700 zones whereas supports are placed at 23300 then 23200 zones,” said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.
India VIX was down by 6.26% from 14.38 to 13.48 levels. Volatility has cooled off from the last six sessions and comforting the bulls at higher zones. Option data suggests a broader trading range in between 22900 to 23700 zones while an immediate range between 23200 to 23500 levels.
Bank Nifty
Bank Nifty Index opened on a positive note but remained consolidative in a narrow range of 300 points in between 49800 to 50150 zones for the entire trading session. It formed a small bodied candle on daily scale. Index is consolidating from the last four trading sessions as momentum is missing at higher zones but buying is visible at small declines. Now it has to continue to hold above 49500 zones for an up move towards 50250 then 50500 zones while on the downside support shift higher at 49500 then 49250 levels.
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Chandan Taparia has recommended three stocks to buy on June 14. According to him, these stocks are technically placed to see a decent upmove. The three stocks to buy on June 14 are – Godrej Properties, Voltas, and IGL.
Stocks to buy
Godrej Properties: Buy at ₹3,030 | Target Price: ₹3,200 | Stop Loss: ₹2,950
Godrejprop has given consolidation breakout on daily chart and managed to close above the same. Buying is visible across Realty space which may support the ongoing up move.
Voltas: Buy at ₹1,482 | Target Price: ₹1,560 | Stop Loss: ₹1,440
Stock is in overall uptrend and every small decline is being bought into. It has been making higher top – higher bottom formation on daily scale.
IGL: Buy at ₹487 | Target Price: ₹515 | Stop Loss: ₹475
Stock is in perfectly respecting 20 WEMA and inching higher. It has given range breakout on daily chart and gave highest daily close ever which has bullish implications. Momentum indicator RSI is positively placed which may support the ongoing up move in the stock.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
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Published: 13 Jun 2024, 07:47 PM IST
