According to Pabitro Mukherjee, Deputy Vice President - Technical at Bajaj Broking, the Nifty 50 formed a small bearish candle with shadows in either direction on the monthly chart, remaining contained inside the previous month's high-low range. The index is currently testing the low of May at 23,262 amid persistent FII outflows and geopolitical tensions. Mukherjee expects the index to extend consolidation and trade in the broad range of 22,200-24,500. The index has immediate support of 23,000-23,200, with holding above this level opening upside towards 23,800 and 24,100 levels in coming sessions.
Mukherjee recommends Kotak Mahindra Bank with a previous close of ₹379.05, buy range of ₹374-380, target price of ₹440, and stop loss at ₹343. The stock is seen rebounding after base formation at the key support range of ₹350-360, being the confluence of the 200-week EMA and 61.8% retracement of the entire previous rally from ₹309 to ₹460. The weekly MACD has generated a buy signal moving above its nine-period average, validating positive bias in the stock. Mukherjee expects the stock to head towards the ₹440 mark, being the confluence of January 2026 high and 80% retracement of the previous decline from ₹460 to ₹346.
Eternal is recommended with a previous close of ₹250.75, buy range of ₹245-252, target price of ₹290, and stop loss at ₹223. The stock is currently testing the upper band of the recent falling trendline breakout area connecting highs of February and April 2026, indicating strength. The stock is placed at its 50-day EMA, which supports the positive bias. Mukherjee expects the stock to move towards ₹290 level, representing the 50% retracement of the entire decline from ₹368 to ₹213. The daily MACD has given a buy signal by crossing above its 9-period average, suggesting improving momentum.
According to Mukherjee, Allied Blenders and Distillers is recommended with a previous close of ₹546.60, buy range of ₹538-548, target price of ₹622, and stop loss at ₹499. Buying demand is seen emerging after a base at the 200-day EMA and previous major breakout area, with the stock recently generating a golden crossover of the 50 and 200-day EMAs. The weekly MACD has also flashed a buy signal, indicating improving momentum. Mukherjee expects the stock to head towards ₹622, being the key retracement of the previous major decline and trendline resistance joining previous highs of February, April and May 2026.
Jayaswal Neco Industries is recommended with a previous close of ₹99.52, buy range of ₹95-98, target price of ₹113, and stop loss at ₹88. The stock is approaching the major rounding breakout area after the last four weeks' corrective decline, forming a base around the support area of ₹95 and ₹100. Mukherjee expects the stock to resume up move and head towards the previous all-time highs of ₹117. Garden Reach Shipbuilders is recommended with a previous close of ₹2,614.90, buy range of ₹2,570-2,630, target price of ₹2,918, and stop loss at ₹2,440. The stock is in an overall strong uptrend, forming higher highs and higher lows, with the last four weeks' corrective decline offering a fresh entry opportunity.
