The benchmark indices bounced back and rallied by half a percent on June 9, with bulls dominating market breadth. According to reports from Moneycontrol, around 2,151 shares witnessed buying interest, compared to 824 declining shares on the NSE. The rebound has now entered a second day as AI trade dip-buying continues to support markets globally. June S&P 500 E-Mini futures are up +0.46% and June Nasdaq 100 E-Mini futures are up +0.69% this morning, with chip stocks leading gains after Intel surged over +11% following reports that Alphabet's Google chose the company to manufacture 3 million TPUs in 2028. Range-bound trading may continue, with the previous day's low acting as a key support level going forward.
Bank of Maharashtra emerged as a standout performer in the PSU banking sector, gaining 5.5 percent in the previous session and highlighting strong price performance. As reported by Moneycontrol, the stock has recently broken out of a Double Bottom pattern, while the Bollinger Bands have started to expand, indicating increased volatility. However, following the sharp rise, short-term oscillators are approaching overbought territory, making a buy-on-dips strategy more prudent. The stock is advised to buy on dips with targets at ₹87 and ₹89.
Elecon Engineering Company has decisively broken above the upper trendline of its Symmetrical Triangle pattern after consolidating since May 7, 2026. According to analysis from Waves Strategy Advisors, the stock rallied nearly 2.25 percent in the previous trading session and took support from the 30-period EMA around ₹495 level on June 3, 2026. The stock has formed a clear pattern of higher highs and higher lows over the past week, with targets at ₹570 and ₹595, and immediate support near ₹512.
Federal Bank continues to exhibit strong bullish momentum, trading comfortably above all key short-term Simple Moving Average levels. As reported by Kantilal Chhaganlal Securities, the stock has closed above the ₹315 mark, indicating sustained buying interest and positive price structure. The MACD remains in positive territory, signalling continued upward momentum, with buying advised in the ₹312–315 range and targets at ₹322, ₹328, and ₹340+.
LIC Housing Finance has rebounded from its support zone and witnessed a gradual recovery from lower levels, giving a breakout from its sloping channel formation on daily charts. According to technical analysis, the stock has potential targets at ₹590 with trend-deciding level at ₹530. NBCC (India) remains within a rising channel pattern on weekly timeframe with targets at ₹114 and trend-deciding level at ₹102. Deepak Fertilisers & Petrochemicals Corporation has closed above the previous day's high for two consecutive sessions, with targets at ₹1,600 and support at ₹1,440.
