Indian equity benchmarks opened higher on Monday, extending gains for the fourth consecutive session as reported by Mint. The BSE Sensex rose 260.34 points or 0.33% to trade at 77,763.91, while the NSE Nifty50 advanced 77.20 points or 0.32% to 24,347.90 during initial trading. The positive momentum was driven by easing crude oil prices, improving domestic macro indicators and renewed foreign institutional investor (FII) buying. According to Vishnu Kant Upadhyay, AVP-Research at Master Capital Services, the undertone remains bullish as the index continues to sustain above the 24,200 breakout level. The 21-day EMA has crossed above the 55-day EMA, indicating strengthening short-term momentum, while RSI has improved to 65. Key resistance levels are identified at 24,600 and 24,800, with support expected at 24,200 and 24,000.
Raymond shares rose nearly 4% after the company appointed former Bharat Electronics Chairman and Managing Director Bhanu Prakash Srivastava as CEO of its defence business. With nearly four decades of experience at Bharat Electronics Limited, Srivastava brings expertise in defence manufacturing and strategic program execution. The company expects his leadership to drive growth in India's burgeoning defence sector, focusing on advanced capabilities and indigenous solutions. According to The Economic Times, this strategic appointment aims to build a technology-driven platform for Raymond's defence business expansion into electronics, systems integration, aerospace and related engineering businesses.
Tata Steel is recommended by Upadhyay with a previous close of ₹190.87, target prices of ₹204 and ₹210, and a stop loss at ₹181. As reported by Mint, the share price appears to be stabilising after finding strong buying interest near the crucial ₹185 support, following an extended corrective phase. The sharp rebound from this level has helped the stock reclaim its 200-day EMA, signalling improving medium-term sentiment. RSI has recovered to 38 from oversold territory, indicating momentum is gradually strengthening. The broader price structure continues to remain favourable, with the long-term chart maintaining a sequence of higher highs and higher lows.
Emcure Pharmaceuticals is recommended with a previous close of ₹1,835, target prices of ₹1,950 and ₹2,000, and a stop loss at ₹1,740. According to Upadhyay's analysis reported by Mint, the share price continues to exhibit a strong bullish structure after breaking above ₹1,800 resistance. Karur Vysya Bank is recommended with a previous close of ₹304.15, target price of ₹330, and stop loss at ₹292. As reported by Aakash Shah of Choice Broking, the stock has witnessed a decisive breakout from its prolonged ₹288–₹300 consolidation range, with the RSI standing at 58.90 showing positive crossover.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Investments, the revival of monsoon and FIIs turning buyers last Friday are positives for the market in the near-term. From this week onwards, the market will start responding to the Q1 results which will begin on July 9. He expects Q1 results to be subdued due to energy shock and macro headwinds triggered by the conflict in West Asia, but noted that now that macro headwinds are behind us, the market will look forward to potential trends in the rest of the year. Anand James from Geojit Investments noted that despite consecutive weeks of gains, Nifty has only reached April's highest closing figure, suggesting continued volatility with strong downside marker at 23,800 and upside targets at 24,170-24,800 range.
