The Indian stock market is expected to open positively on Friday, supported by upbeat global market cues. According to NDTV Profit, Gift Nifty signals a mildly higher start for benchmark indices Nifty 50 and Sensex. However, technical analyst Nagaraj Shetti from HDFC Securities notes that the underlying trend of Nifty 50 remains weak amid choppy trends. The index slipped below 23,900 in the previous session and formed a long negative candle on the daily chart, erasing some gains from the previous session. As per Business Standard, the broader trend remains firmly bearish with Nifty continuing to print lower tops and lower bottoms while trading below key moving averages. However, with the index now more than 1,050 points below its August swing high of 24,774, the short-term trend is approaching oversold territory.
Shetti recommends Edelweiss Financial Services as a buy for a 2-3 week timeframe, with a target price of ₹146 and stop loss at ₹129. As reported by NDTV Profit, the stock has been moving in a narrow congestion zone near the crucial hurdle of around ₹133-₹135 levels over recent weeks. The technical analyst observes that Edelweiss stock price is positioned on the verge of a decisive breakout from long-term consolidation pattern according to larger timeframe charts like weekly/monthly timeframe. Daily/weekly RSI shows positive indications, and volume has started expanding during the upside breakout.
The second recommendation is Vedant Fashions with a target price of ₹610 and stop loss at ₹540. According to NDTV Profit, the larger range-bound movement over recent weeks has resulted in a sharp breakout on Thursday. Shetti notes that Vedant Fashions stock price has sustained above the daily 10/20 period EMA. The technical analyst observes that volume has started expanding during the upside breakout, and daily 14 period RSI shows positive indications. He suggests buying Vedant Fashions shares at ₹565 for the target price of ₹610.
For Nifty 50, Shetti identifies the immediate resistance at 24,100 levels, as reported by NDTV Profit. He warns that further weakness below 23,800 could drag the index down to another nearby support of 23,600 levels, which represents an opening upside gap from the 15th of June. As per Business Standard, Nifty has arrived at a critical support zone around 23,600, which coincides with the previous swing low. A decisive break below this level could open the door for further downside towards 23,478 and 23,172—key Fibonacci retracement levels that may act as the next supports. On the upside, immediate resistance has shifted down to 23,800, followed by 24,000. Sustained trading above 24,000 would be required to improve the near-term technical setup and trigger a meaningful recovery.
