The benchmark indices remained under pressure on June 23, falling 1.2 percent amid a tech-led global rout. According to reports from Moneycontrol, about 2,171 shares declined compared to 831 advancing shares on the NSE. The market is expected to consolidate with range-bound trading as long as it trades below the previous week's high. Technical analysts recommend focusing on stocks showing bullish continuation patterns and breakout setups for short-term trading opportunities. The India VIX jumped 8.57 percent to 13.94, signalling discomfort for bulls, with a fall below the 12 level necessary for bulls to remain in their comfort zone.
Laurus Labs continues to exhibit strong bullish momentum after reversing from the Ichimoku Cloud baseline, forming a series of higher highs and higher lows over the last three trading sessions. As reported by Moneycontrol, the stock gained more than 3 percent in the previous session and closed above its prior swing high of ₹1,457, signalling a fresh breakout. The RSI is hovering around the 72 level despite the recent rally, suggesting room for further gains. Traders can consider a buy-on-dips strategy with upside targets of ₹1,520 and ₹1,580, as long as the stock sustains above ₹1,415.
Zydus Lifesciences is gaining further traction after a remarkable rally and brief consolidation, with the breakout from the consolidation structure indicating a bullish continuation pattern. According to Kotak Securities, the stock is trading at ₹1,112.2 and has a buy strategy with a target of ₹1,185 and stop-loss at ₹1,085. Similarly, Ather Energy has delivered a positive breakout by closing above the previous resistance level of around ₹998, remaining technically strong above its weekly SMAs. The stock is recommended for buying in the ₹990-1,005 range with targets of ₹1,060, ₹1,080, and ₹1,120.
Apollo Hospitals Enterprise is trading within a rising channel formation on daily charts, characterized by higher highs and higher lows, with the stock at ₹8,487.5. As reported by Moneycontrol, the RSI is indicating a further uptrend, with ₹8,160 acting as the trend-deciding level for bulls. Global Health is respecting a rising trendline and consistently taking support before moving higher, with a buy strategy targeting ₹1,430 above the breakout level of ₹1,335. AIA Engineering continues in a strong uptrend near lifetime highs, having taken support from the 25-period EMA near ₹4,300 and showing strengthening momentum with the ADX at 35.
The Put-Call Ratio (PCR) increased to above 0.7, indicating traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood. A long build-up was seen in 15 stocks with an increase in open interest (OI) and price, indicating a build-up of long positions. Conversely, 77 stocks saw long unwinding with a decline in open interest and price, indicating selling pressure. Additionally, 107 stocks saw short build-up with an increase in OI and price, indicating a build-up of short positions, while 16 stocks saw short-covering with a decrease in OI and price.
