Indian stock market: The Nifty moved up significantly after a flat closing in the previous trading session. The short-term trend looks very positive as the index closed near an all-time high. Going forward, the market remains a buy on dips as long as 23000 is not broken. On the higher end, the index might move towards 23500-23600. On the lower end, profit booking might occur only below 23000.03:40 PM.
Bank Nifty
Bank Nifty has shown bullish momentum, taking support near its 10-day moving average and forming a bullish engulfing candle on the daily chart. It closed near its resistance level, indicating strong buying interest. The key resistance level for Bank Nifty is 50,500, while 49,200 will act as crucial support. This setup suggests potential for further upward movement if the resistance is breached.
Stocks to buy
Granules: Buy at ₹485 | Target Price: ₹540 | Stop Loss: ₹465
The stock has recently broken out of a falling trendline on the daily chart and is approaching a strong resistance level at 480. It is trading above its crucial short-term moving average, indicating strength. Additionally, the RSI is showing bullish momentum. Given these positive technical indicators, one can consider buying the stock above 485, with a stop loss at 465 and a target price of 540.
Tata Motors: Buy at ₹970 | Target Price: ₹1020 | Stop Loss: ₹949
The stock has given a consolidation pattern breakout on the daily chart, suggesting a rise in optimism. Additionally, the stock has moved above the critical moving average. The RSI is in a bullish crossover and rising. In the short term, the trend might remain positive with the potential to reach 1020. On the lower end, support is placed at 950.
The author Rupak De is Senior Technical Analyst at 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.
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Published: 09 Jun 2024, 03:47 PM IST
