The Indian stock market remained volatile on Thursday, 11 June, and ended lower amid weak global cues, extending losses for the second consecutive session. According to reports from Religare Broking, the Nifty 50 closed 0.23% lower at 23,161.60, with as many as 32 components in the red. The index is down 0.65% for the week, looking set to extend losses for the third consecutive week. As noted by Ajit Mishra, SVP of Research at Religare Broking, investor sentiment remained fragile amid renewed escalation in the Middle East following fresh developments involving the US and Iran, which pushed crude oil prices closer to the $95 per barrel mark. The Middle East conflict has driven up energy prices, with the number of Americans claiming unemployment benefits increasing slightly last week, indicating that the labor market remains resilient.
Adding to the pressure, stronger-than-expected US inflation data raised concerns that interest rates may remain elevated for longer, resulting in weakness across global equity markets. According to Religare Broking, persistent foreign institutional outflows and a weaker rupee further weighed on sentiment. Mishra pointed out that the market continues to witness selling pressure on every rise; however, rotational buying in select heavyweight stocks is helping contain the pace of the decline. He believes a decisive break below 23,000 could trigger the next leg of the corrective phase, while the upside is likely to remain capped near 23,500. As markets lowered their bets on a Federal Reserve rate hike this year, Treasuries gained, with the price for an October rate hike dropping from 51% to 36%. The benchmark 10-year Treasury rates held steady at 4.4631% after dropping almost 8 basis points overnight.
For Biocon, Mishra suggests a buy strategy with target price of ₹445 and stop loss at ₹402. As reported by Religare Broking, Biocon has been displaying resilience following its recent rally, during which it broke out of a prolonged consolidation range, signalling a potential continuation of the uptrend. The stock is currently forming a buying pivot near the breakout neckline after a mild retest, indicating sustained buying interest at lower levels. The broader pharma sector continues to exhibit notable strength, providing additional support to the positive outlook.
For Fortis Healthcare, Mishra recommends a buy strategy with target price of ₹1,065 and stop loss at ₹950. According to Religare Broking, the stock has registered a decisive breakout above its previous swing high, supported by a significant increase in trading volumes, indicating strengthening bullish momentum and potential trend continuation. It continues to trade comfortably above its key moving averages, reaffirming a well-established uptrend across multiple timeframes. Momentum indicators remain supportive, reinforcing the positive outlook in the pharma and healthcare space.
For Bharat Electronics (BEL), Mishra suggests a sell future strategy with target price of ₹392 and stop loss at ₹410. As reported by Religare Broking, BEL has broken down from an upward-sloping channel that had remained intact for nearly a year, signalling a potential change in trend. The stock has also fallen below its key long-term moving average, the 200-day EMA, further reinforcing the shift from a bullish to a bearish outlook. Mishra noted that BEL continues to trade below both the channel breakdown level and the 200 EMA, while repeatedly experiencing selling pressure on pullbacks, suggesting the prevailing weakness may persist.
