Indian benchmark indices extended losses for a fourth consecutive session as persistent foreign institutional investor (FII) outflows and geopolitical uncertainties continued to weigh on investor sentiment. According to reports from The Economic Times, the Nifty slipped below the 23,400 mark on June 1, reflecting sustained selling pressure in the equity markets. The Nifty Bank index extended its weakness for the second consecutive session, closing at 53,643.10, down 596 points (-1.10%). On the daily chart, the index slipped below its 20-DEMA (54,432) and breached the lower end of its recent consolidation range, indicating that sellers have regained control in the short term. Despite the broader market weakness, analysts are recommending two stocks based on strong technical patterns and bullish chart formations.
NMDC is exhibiting a strong bullish structure with a series of higher highs and higher lows on the daily chart, trading above its key moving averages which are positively aligned and indicating sustained trend strength. As reported by The Economic Times, the stock is currently trading at ₹93 with a stop-loss at ₹87 and a target of ₹105. Recent price action shows a breakout from a consolidation zone, supported by a notable increase in volume, reflecting strong buying participation. The medium-term uptrend remains intact, with moving averages acting as dynamic support during pullbacks, while RSI is holding above the neutral zone suggesting positive momentum without excessive overheating.
Laurus Labs continues to exhibit a strong bullish trend, supported by a consistent pattern of higher highs and higher lows, with the stock recently delivering a decisive breakout above a long-term resistance zone and sustaining near lifetime-high territory. According to The Economic Times, the stock is currently trading at ₹1,388 with a stop-loss at ₹1,310 and a target of ₹1,580. Price is trading comfortably above key moving averages with healthy volume activity indicating sustained buying interest. RSI is positioned in the bullish zone, highlighting strong momentum, although intermittent consolidation cannot be ruled out. The overall technical setup remains favorable for fresh positional buying, with the breakout structure suggesting potential continuation of the ongoing upward trend over the medium term.
The medium-term uptrend remains intact for both stocks, with moving averages acting as dynamic support during pullbacks. As reported by The Economic Times, RSI indicators support positive momentum for both recommendations, with NMDC's RSI holding above the neutral zone suggesting positive momentum without excessive overheating, while Laurus Labs' RSI is positioned in the bullish zone highlighting strong momentum. The immediate support for Nifty Bank is placed in the 53,300-53,000 zone, where Put writers have built meaningful positions, with a breach below this region potentially triggering further downsides toward 51,915, followed by 50,666. On the upside, the breakdown zone of 54,300-54,500 is likely to act as strong resistance, and only a sustained move above this region can revive bullish momentum. The overall technical setup favors fresh positional buying for both recommendations, with analysts noting the stocks are well-positioned for continuation of the ongoing uptrend in the coming weeks.
