Indian equities extended their winning streak for the fifth consecutive session on June 18, with the BSE Sensex rising 254 points to close at 77,410 and the NSE Nifty 50 gaining 82 points to settle at 24,168. According to latest reports, the rally was supported by falling crude oil prices following a US-Iran peace agreement, with Brent crude falling about 2.1% to $75.9 a barrel after the US and Iran signed an interim agreement to end their conflict. Market expert Raja Venkatraman of NeoTrader has identified five stocks for trading opportunities, recommending buy-on-dips approach with specific technical levels and targets.
Adani Green Energy Ltd (AGEL) is recommended as a buy above ₹1,510 with stop loss at ₹1,445 and target price of ₹1,650 for two months. The stock has shown steady upward traction in the last 3 months after consolidation and is now showing revival with RSI crossing above 60. State Bank of India (SBIN) is suggested as a buy above ₹1,045 with stop loss at ₹995 and target of ₹1,150 for two months, supported by BankNifty generating wide swings after testing March lows. Bharat Electronics Ltd (BEL) is recommended as a buy above ₹430 with stop loss at ₹410 and target of ₹475 for two months, with strong defence production reaching a record 1.78 crore and RSI firmly headed higher with volumes indicating potential upward bias.
According to latest market data, market breadth remained strong with more than 150 stocks on the BSE hitting fresh 52-week highs. Notable gainers included Carborundum Universal, Netweb Technologies, Titagarh Rail Systems, Welspun Living, J&K Bank, Nykaa, Yes Bank, Polycab India, KEI Industries, Bharat Forge, Federal Bank and CG Power. The Nifty Midcap 100 and Nifty Smallcap 100 indices advanced 0.4% each, reflecting improving investor sentiment and sustained buying interest across sectors. Technical indicators are turning increasingly positive, with the Nifty moving above the 24,000 mark, a key Fibonacci resistance zone, and closing above the 24,150 level. The Put-Call Ratio (PCR) has moved above 1, reflecting improving bullish sentiment, while derivatives data shows significant additions in the 24,000 Put strike indicating strong support at lower levels.
