The Indian stock market benchmarks, the Sensex and Nifty 50, snapped their two-day losing run on Wednesday, with the Nifty reclaiming the psychologically important 24,000 mark at 24,005.85 on 1 July. According to reports from Mint, the recovery was driven by buying in select heavyweights across sectors, with Eternal, Adani Enterprises, and Nestle India emerging as top gainers. Amol Athawale, VP - Technical Research at Kotak Securities, noted that 23,900 will serve as crucial support, and as long as the market stays above this level, positive momentum may persist. On the upside, the Nifty may advance towards 24,150-24,250, while a break below 23,900 could intensify selling pressure.
NBCC (India) shares are recommended with a target price of ₹112 and stop loss at ₹100, according to Athawale's analysis reported by Mint. The stock closed at ₹104.44 in the previous session. Athawale pointed out that NBCC witnessed profit booking on higher levels after a remarkable up move, but after the recent selloff, the intensity of downward momentum has decreased. The stock has found support near its demand zone, suggesting a potential revival of the uptrend from current levels. For positional traders, ₹100 would be the decisive level, with trading above this mark continuing till ₹112, while a close below ₹100 may warrant exiting long positions.
Central Depository Services India (CDSL) is recommended with a target price of ₹1,430 and stop loss at ₹1,285, as reported by Mint. The stock closed at ₹1,332.40 in the previous session. Athawale highlighted that after declining from recent highs, CDSL found support at the retracement zone and rebounded, showing steady recovery from recent lows. On the daily chart, the stock has broken out of a downward-sloping trend line, indicating strengthening momentum and signaling the potential start of a fresh bullish phase. The ₹1,285 level acts as key support, and if the stock sustains above this mark, it could continue its upward movement towards ₹1,430.
Grasim Industries is recommended with a target price of ₹3,350 and stop loss at ₹3,030, according to Athawale's analysis reported by Mint. The stock closed at ₹3,140.40 in the previous session. Athawale highlighted that Grasim Industries rebounded from its support zone and witnessed gradual recovery after declining from higher levels. On the daily charts, the stock has given a breakout from its sloping channel formation, with the upticks suggesting a new leg of the bullish trend from current levels. For the next few trading sessions, ₹3,030 could be the trend decider level for the bulls, with a sustain above this mark expected to drive further uptrend towards ₹3,350.
Indian stock markets are witnessing pockets of strength, particularly in mid- and small-cap segments, with optimism now extending to select large-cap stocks. According to The Economic Times, analysts highlight several stocks showing bullish futures build-up and positive technical indicators. IndusInd Bank, Nalco, Shree Cement, HDFC AMC, Adani Energy Solutions, Nestlé India, and ONGC are identified as potential gainers. The change in open interest and price movements in July series shows significant activity across these stocks, with specific entry points, targets, and stop-losses provided for traders. As key indices continue to gyrate in a band, various stocks have been performing better, riding the bullish wave in pockets of the mid- and small-cap segments, with some optimism now rubbing off on select large-cap stocks.
