“Nifty index opened negative but witnessed smart recovery with the support of 23350 zones and headed towards 23550 zones.
Supply is getting absorbed with bulls awakening at support zones.
It formed a Bullish candle on daily scale as buying is visible at lower zones.
Astral: Buy at ₹ 2384 | Target Price: ₹ 2550 | Stop Loss: ₹ 2300It is in overall uptrend and holding the gains at higher zones with supports are shifting higher.
It has given trend line breakout on daily scale with surge in volumes which may take prices higher.
Indian stock market: Market indices Sensex and Nifty closed with slight gains on Monday, June 24. The Sensex started the session at 76,885.65, down from its previous close of 77,209.90 and finally concluded the day with a gain of 131 points, or 0.17%, closing at 77,341.08. The Nifty 50 began trading at 23,382.30, a rise from its previous close of 23,501.10. It reached an intraday high of 23,558.10 and a low of 23,350. By the close of trading, the index had gained 37 points, or 0.16%, ending at 23,537.85.
“Nifty index opened negative but witnessed smart recovery with the support of 23350 zones and headed towards 23550 zones. Supply is getting absorbed with bulls awakening at support zones. It formed a Bullish candle on daily frame and closed near its day’s high with gains of around 40 points. Now it has to continue to hold above 23500 zones to extend the move towards 23667 and 23750 zones whereas supports are placed at 23400 than 23250 zones," said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.
India VIX was up by 6.67% from 13.18 to 14.06 levels. Volatility has been slightly on the rise which is causing a bumpy ride on the upside direction.
On option front, Maximum Call OI is at 24000 then 23600 strike while Maximum Put OI is at 23000 then 23500 strike. Call writing is seen at 23900 then 23700 strike while Put writing is seen at 23400 then 23500 strike. Option data suggests a broader trading range in between 23200 to 24000 zones while an immediate range between 23300 to 23700 levels.
Bank Nifty
On the Bank Nifty outlook, Taparia further added, “Bank Nifty Index opened gap down but managed to hold its key level of 51133 marks and gradually recovered its intraday losses to hit high towards 51750 zones. Later it remained consolidative in a range of 400 points and ended with some gains near 51700 levels. It formed a Bullish candle on daily scale as buying is visible at lower zones. Now it has to continue to hold above 51500 zones for an up move towards 51957 then 52250 zones while on the downside support is placed at 51500 then 51250 levels."
Chandan Taparia has recommended three stocks to buy tomorrow, June 25. According to him, these stocks are technically placed to see a decent upmove. These are the stock suggestions - Cummins, Astral, and Polycab.
Stocks to buy
Cummins India: Buy at ₹ 4042 | Target Price: ₹ 4300 | Stop Loss: ₹ 3900
It has given range breakout on daily scale with a decisive hold above 3900-3950 zones and gave highest daily close ever. Buying is visible across Capital goods space which may support the ongoing up move.
Astral: Buy at ₹ 2384 | Target Price: ₹ 2550 | Stop Loss: ₹ 2300
It is in overall uptrend and holding the gains at higher zones with supports are shifting higher. It has given trend line breakout on daily scale with surge in volumes which may take prices higher.
Polycab India: Buy at ₹ 7260 | Target Price: ₹ 7800 | Stop Loss: ₹ 7000
Stock has been making higher top - higher bottom on weekly scale and given a small consolidation breakout with strong bullish candle on daily chart which has bullish implications.
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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