Indian stock market: Nifty has been hovering within the 23300 to 23600 range, indicating indecisiveness, which sets the stage for a very volatile monthly expiry. A decisive move above 23600 might take the index towards 24000 in the short term, whereas failure to hold above 23300 might trigger panic in the market. Below 23300, the Nifty might fall towards 22750 in the short term.
Bank Nifty
The BankNifty index witnessed a volatile trading session but ended on a flat note, highlighting the evident tussle between buyers and sellers. The immediate resistance is placed at 52,000, where the highest open interest is built up on the call side. The index needs to surpass this mark to continue its upward movement. On the downside, the lower end support is placed at 51,000, where the highest open interest is built up on the put side. Dips towards this support level should be viewed as an ideal buying opportunity.
Stocks to buy
Granules: Buy at ₹491 | Target Price: ₹530 | Stop Loss: ₹470
The stock has given a flag pattern breakout on the daily chart, suggesting a rise in optimism. It has been sustaining above the critical moving average. The RSI is in a bullish crossover and rising. Over the medium term, the stock might move smartly towards 530. On the lower end, support is placed at 470.
Suzlon: Buy at ₹53 | Target Price: ₹60 | Stop Loss: ₹49
The stock has given a positive breakout after days of sideways consolidation, which indicates a rise in optimism. Besides, the price has been sustaining above the critical moving average. The RSI is in a bullish crossover and rising. Over the medium term, the stock might move smartly towards 60. On the lower end, support is placed at 49.
The author Rupak De is the Senior Technical Analyst, LKP Securities.
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.
3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore the latest updates here!
Download The Mint News App to get Daily Market Updates.
Published: 23 Jun 2024, 03:16 PM IST
