Indian stock market: Benchmark indices Sensex and Nifty reached new record high with the Nifty 50 crossing the 24,000 mark for the first time and the Sensex surging above 79,000. The 30-share BSE Sensex concluded the session with a gain of 568.93 points, or 0.72%, closing at the level of 79,243.18. Meanwhile, the Nifty 50 ended at 24,036.85, marking an increase of 168.05 points or 0.7%.
“Nifty index opened flattish but bulls comfortably escalated it to cross the psychological 24000 marks and touched a fresh all time high of 24087 levels. It has been consistently trending higher from the last four sessions and gave the highest ever close. It formed a Bullish candle on daily frame and has been forming higher highs – higher lows from the last three sessions. Now it has to continue to hold above 24000 zones to extend the move towards 24250 and 24400 zones whereas supports are placed at 23800 then 23700 zones,” said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.
India VIX was up by 0.78% from 14.04 to 14.15 levels. Comparatively lower volatility is comforting the bulls to drive the index at higher zones.
Since it is beginning of new series option front is scattered at various strikes. Maximum Call OI is at 24000 then 24500 strike while Maximum Put OI is at 24000 then 23500 strike. Minor Call writing is seen at 24500 then 24200 strike while Put writing is seen at 24000 then 23800 strike. Option data suggests a broader trading range in between 23600 to 24500 zones while an immediate trading range in between 23750 to 24250 levels.
Bank Nifty
On the Bank Nifty outlook, Taparia further added, “Bank Nifty Index opened marginally higher and extended the momentum to hit a new life time high of 53180 marks in the initial hour of the session. Later some profit booking was seen from higher zones towards 52700 levels and Index remained consolidative in a narrow range of 300 points. It formed a small bodied candle on daily scale and ended with minor losses near 52800 zones. Now it has to continue to hold above 52500 zones for an up move towards 53180 then 53500 zones while on the downside support is placed at 52400 then 52200 levels.”
Chandan Taparia has recommended three stocks to buy tomorrow, June 27. According to him, these stocks are technically placed to see a decent upmove. These are the stock suggestions – Siemens, Dixon Technology, and Grasim.
Stocks to buy
Siemens: Buy at ₹7832 | Target Price: ₹8300 | Stop Loss: ₹7600
Siemens is in an overall uptrend and holding its gains at higher zones. It has given a Pole and Pennant breakout on daily scale which has bullish implications.
Dixon Technology: Buy at ₹11760 | Target Price: ₹12500 | Stop Loss: ₹11400
Dixon has given a range breakout on daily chart with noticeable volumes. Buying is visible across IT stocks which may support the ongoing up move.
Grasim: Buy at ₹2637 | Target Price: ₹2800 | Stop Loss: ₹2550
Grasim has given trend line breakout on daily chart and an inside bar breakout on weekly scale. It has formed a strong bullish candle and gave highest daily close ever which may take the prices higher.
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: 27 Jun 2024, 07:44 PM IST
