Stock market today: Trade setup for Nifty 50, global markets to Israel-Iran news; eight stocks to buy or sell on Monday
Stock Market Today: The benchmark Nifty-50 Index, for the week ended 20 June, ended more than 1% higher at 25,112.40 week on week. The Bank Nifty followed suit, also ending with 1.2% gains, at 56,252.85, while the IT index also stood among gainers, though metals and pharma were among key losers. Among the broader indices, the mid- and small-caps ended up to 1% lower.
The Nifty has once again approached the upper band of its consolidation range. A sustained move above the 25,200 level would confirm a breakout, potentially opening the door for a rally toward the 25,600–25,800 zone. On the downside, 24,700 and 24,400 will serve as immediate and crucial support levels, as per Ajit Mishra, SVP, Research, Religare Broking Ltd.
Bank Nifty reclaimed levels above the 56,000 mark and could now gradually advance toward the 57,000 and 58,200 levels, added Mishra.
"The Indian stock market concluded the week on a robust note, shrugging off midweek volatility triggered by escalating tensions in the Middle East and a sharp spike in crude oil prices. Reserve Bank of India's relaxation of project financing norms, which provided a boost to financial stocks. The RBI's continued dovish tone—signaling potential rate cuts on validating subdued inflation—further reinforced market confidence, positioning monetary policy as a key stabilizing force amid global uncertainty, said Vinod Nair, Head of Research at Geojit Investments.
Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager, Technical Research at Prabhudas Lilladher, has given three stock picks.
These include KFin Technologies Ltd., Go Digit General Insurance Ltd., HDFC Bank Ltd., Tata Motors Ltd., National Aluminium Company Ltd, Welspun Corp Ltd., Torrent Power Ltd., and Ideaforge Technology Ltd. KFin Technologies Ltd - Bagadia recommends buying KFINTECH at around ₹ 1278.4, keeping stop-loss at ₹ 1230 for a target price of ₹ 1360
KFINTECH, which is currently trading at 1278.4, exhibits a near retest of recent swing highs and signals bullish continuation following a brief consolidation on the daily chart, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates the stock maintaining levels near the 20-day EMA. The reclaim of the 20-day EMA is especially noteworthy, as it often signifies a shift from bearish to bullish sentiment.
2. Go Digit General Insurance Ltd.—Bagadia recommends buying in GODIGIT at around ₹ 356.2, keeping Stoploss at ₹ 344, with a target price of ₹ 380
GODIGIT is currently trading at 356.2, exhibits a strong uptrend and bullish breakout on the daily chart, supported by its consistent position above key exponential moving averages (EMAs). Technically, GODIGIT is forming a strong bullish engulfing pattern on the daily chart. The price structure indicates strong institutional interest and suggests further upside potential in the coming sessions.
3. HDFC Bank Ltd.—Dongre recommends buying HDFC BANK at around ₹ 1360, keeping stop-loss at ₹ 1320 for a target price of ₹ 1410.
Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 1360 and maintaining strong support at ₹ 1320. The technical setup indicates the potential for a price retracement towards the ₹ 1400 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 1320 offers a prudent approach. HDFC Bank Ltd. is close to capturing the anticipated upside.
4. Tata Motors Ltd.—Dongre recommends buying TATAMOTORS at around ₹ 676 with a stop loss of ₹ 655 for a target price of ₹ 700.
Stock has exhibited a strong, notable, continuing bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 676 and maintaining strong support at ₹ 655. The technical setup indicates the potential for a price retracement towards the ₹ 700 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 655 offers a prudent approach to capturing the anticipated upside.
5. National Aluminium Company Ltd.—Dongre recommends buying NATIONALUM at around ₹ 184, keeping Stoploss 178 for a target price of ₹ 192.
In the latest short-term technical analysis, the stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 184 and holding above a key support level at ₹ 178. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 178 to manage downside risk. The target for this trade is set at ₹ 192, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.
6. Welspun Corp Ltd.—Koothupalakkal recommends buying WELCORP at around ₹ 915 for a target price of ₹ 960, keeping Stop loss at ₹ 895
The stock, after the short period of correction, has indicated a higher bottom formation on the daily chart, taking support near the ₹ 875 zone, and has indicated a positive candle formation with significant volume participation visible to improve the bias and expect for further rise in the coming sessions. The RSI has cooled off from the highly overbought zone and is currently well placed, once again indicating a positive trend reversal to signal a buy. With the chart technically looking strong, we suggest buying the stock for an upside target of the ₹ 960 level, keeping the stop loss at the ₹ 895 level.
7. Torrent Power Ltd.—Koothupalakkal recommends buying TORRENT POWER at around ₹ 1390 for a target price of ₹ 1460, keeping Stop loss at ₹ 1362
The stock has recently witnessed a gradual slide and has arrived near the base of the ascending channel pattern on the daily chart, indicating a positive candle formation to improve the bias and anticipate further upward movement in the coming days. The RSI has been well positioned, indicating a positive trend reversal to signal a buy after remaining flat for quite some time, and with much upside potential visible, it can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock for an upside target of ₹ 1460, keeping the stop loss at the ₹ 1362 level.
8. Ideaforge Technology Ltd.—Koothupalakkal recommends buying IDEA FORGE at ₹ 573.50 for a target price of ₹ 615, keeping stop loss: 560
The stock has been moving sideways for the last two weeks with support maintained near the 550 zone, currently indicating a positive move with decent volume participation visible to improve the bias, and a further rise is expected in the coming sessions. The RSI has cooled off from the overbought zone and is currently well placed with upside potential visible to continue with the positive move further ahead. With the chart looking good, we suggest buying the stock for an upside target of ₹ 615 level, keeping the stop loss at ₹ 560 level.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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