Indian Stock Market: Nifty is hovering in the range of 23300 to 23600, indicating indecisiveness and will have a very volatile monthly expiry. A decisive move above 23600 could take the index towards 24000 in the short term, but failure to sustain above 23300 could create panic in the market. A drop below 23300 could see Nifty slide towards 22750 in the short term.
Bank Nifty
The BankNifty index experienced a volatile trading session but ended sideways, revealing a tussle between buyers and sellers. The immediate resistance is at 52,000, where maximum open interest is building on the call side. The index needs to cross this level to continue its rise. On the downside, the lower support is at 51,000, where maximum open interest is building on the put side. A dip to this support level should be considered as an ideal buying opportunity.
Stocks to buy
Granules: Purchase ₹491 | Target Price: ₹530 | Stop Loss: ₹470
The stock is showing a flag pattern breakout on the daily chart, suggesting growing optimism. It is trending above key moving averages. The RSI is rising with a bullish crossover. In the medium term, the stock could make a smooth move towards 530. On the downside, support lies at 470.
Suzlon: Purchase ₹53 | Target Price: ₹60 | Stop Loss: ₹49
The stock has seen a positive breakout after a few days of sideways consolidation, indicating growing optimism. Also, the price is sustaining above key moving averages. The RSI is at a bullish crossover and is rising. In the medium term, the stock could move nicely towards 60. On the downside, support is at 49.
Author Rupak De is a Senior Technical Analyst at LKP Securities.
Disclaimer: The views and recommendations provided in this analysis are those of the individual analyst or brokerage firm, and not of Mint. Because market conditions change rapidly and individual circumstances may differ, investors are strongly advised to consult with a qualified professional before making any investment decisions.
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Published: 23 Jun 2024 3:16 PM IST
