Indian stock market: The domestic benchmark equity indices, Sensex and Nifty 50, closed Thursday’s session higher despite encountering volatility throughout the trading day. The 30-share BSE Sensex concluded the session with a gain of 141.34 points, or 0.18 per cent, closing at the level of 77,478.93. Meanwhile, the Nifty 50 finished at 23,567.00, up by 51.00 points, or 0.22 per cent.
“Nifty index opened positive and remained choppy in a range of 180 points throughout the day. It remained in the range of the previous session and closed with gains of around 50 points. It formed a Doji sort of candle with long lower shadow on daily frame. Nifty index has been moving in a narrow trading band of 250 points from last four trading sessions. It made a new life time high of 23664 marks on Wednesday but the pace of buying is lesser in the market. Now it has to continue to hold above 23500 zones to extend the move towards 23664 and 23750 zones whereas supports are placed at 23400 than 23350 zones,” said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.
India VIX was down by 2.68 per cent from 13.71 to 13.34 levels. Volatility has been slightly on the rise from the last three sessions which is causing a bumpy ride on the upside direction.
On option front, Maximum Call OI is at 24000 then 23500 strike while Maximum Put OI is at 23000 then 23300 strike. Call writing is seen at 23600 then 23800 strike while Put writing is seen at 23500 then 23300 strike. Option data suggests a broader trading range in between 23200 to 24000 zones while an immediate range between 23400 to 23700 levels.
Bank Nifty
On the Bank Nifty outlook, Taparia further added, “Bank Nifty Index opened on a positive note and remained consolidative in a wider range of 500 points in between 51300 to 51800 zones for the entire trading session. It formed an Inside Bar on daily scale after a sharp up move in the previous session and ended with gains of around 390 points near 51800 zones. Index is forming higher lows from the last three sessions as supports are gradually shifting higher. Bank Nifty outperformed the Nifty index in the last four trading sessions and made a new life time high of 51957 levels. It formed a Bullish candle on weekly. Now it has to continue to hold above 51500 zones for an up move towards 52250 then 52500 zones while on the downside support shifts higher to 51500 then 51250 levels.”
Chandan Taparia has recommended three stocks to buy on June 14. According to him, these stocks are technically placed to see a decent upmove. These are IDFC Bank, Vedanta, and Exide Ind.
Stocks to buy
IDFC Bank: Buy at ₹83.80 | Target Price: ₹92 | Stop Loss: ₹80
Idfc first bank has given falling channel breakout on daily chart and inside bar breakout on weekly scale.
Vedanta: Buy at ₹470 | Target Price: ₹500 | Stop Loss: ₹455
Vedanta has given trend line breakout on daily chart. Buying is visible across Metals space which may support the ongoing up move.
Exide Industries: Buy at ₹572 | Target Price: ₹600 | Stop Loss: ₹555
Exide is in continuous uptrend and holding gains at higher levels. It is forming higher highs from past four month and supports are gradually shifting 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: 20 Jun 2024, 08:05 PM IST