Buy or sell stocks: Indian equity benchmarks ended a volatile week on a strong note on Friday, 12 June, snapping a two-week losing streak as improving global cues and the RBI’s initiatives to attract foreign currency inflows lifted market sentiment.
Consequently, both key indices posted weekly gains, with the Nifty 50 climbing 1.10% to close at 23,622.90, while the Sensex rose 1.73% to finish at 75,527.95.
Stock market today
Nifty 50
Nifty 50 witnessed a strong recovery during the session, supported by broad-based buying across sectors. The index closed at 23,622, registering a robust gain of 461 points, indicating a sharp improvement in market sentiment and renewed risk appetite among investors also signs of recovery after witnessing strong buying interest from lower levels.
According to Sumeet Bagadia, Executive Director at Choice Broking, the index rebounded sharply and managed to reclaim 20-day EMA short-term resistance zones, indicating that selling pressure is gradually easing. Technically, the 23,300–23,100 zone is expected to act as a crucial support area, while immediate resistance is placed around 23,770–24,000. A sustained move above 24,000 could trigger fresh short-covering and pave the way for an extended recovery towards higher levels.
“The momentum indicator RSI is currently placed at 51.25, indicating a gradual improvement in market strength and a shift towards positive momentum. With RSI moving above the crucial 50 mark, buying interest appears to be strengthening.
India VIX declined by 5.73% to close at 14.7175, indicating easing volatility and reduced risk perception among market participants. In the derivatives segment, significant call writing was observed at the 23,700 strike, followed by the 23,800 strike. On the put side, notable writing was seen at the 23,500 and 23,400 strike levels,” Bagadia said.
Bank Nifty
Bank Nifty opened on a strong note and witnessed sustained buying interest throughout the session, resulting in a sharp upward move. The index eventually settled at 56,814, gaining 1,638 points, reflecting strong participation across the banking space and a significant improvement in market sentiment. The strong close near the day’s high suggests that bulls remained firmly in control throughout the session.
Bagadia noted that the 56,500–56,000 zone is expected to act as an immediate support area for the index, as substantial put writing was observed at these strike levels, indicating strong support creation by market participants. On the upside, the 57,000 strike witnessed significant call writing and is likely to act as an immediate resistance zone in the near term.
“The momentum indicator RSI is currently placed at 65.37, reflecting strong bullish momentum and healthy price strength. With RSI comfortably above the 60 mark, the index continues to remain in a positive trend structure. In the derivatives segment, aggressive put writing at lower strikes and concentrated call writing at 57,000 suggest a near-term trading range of 56,000–57,000. Traders may continue to maintain a positive bias as long as the index sustains above its support zone, while a decisive breakout above 57,000 could trigger further upside momentum in the coming sessions,” he said.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Monday, 15 June, after US-Iran reach peace deal: Kirloskar Oil Engines, Fsn E-Commerce Ventures, Greaves Cotton, Brigade Enterprises, and Raymond.
1] Kirloskar Oil Engines: Buy at ₹1890, Target ₹2070, Stop Loss ₹1800
Kirloskar Oil Engines share price is trading around 1890, demonstrates a strong bullish continuation pattern on the daily chart, staging a sharp recovery from its recent structural pullback with steady volume support. The stock is trading confidently well above its key 20, 50, 100, and 200-day exponential moving averages, confirming a robust and well-established underlying uptrend. Furthermore, the daily relative strength index is positioned near 60, indicating accelerating upward momentum and solid buying conviction. Backed by this highly constructive price action, the stock is well positioned to advance toward an upside target of 2070. To effectively manage downside risk, a strict stop loss should be maintained at 1800.
2] Fsn E-Commerce Ventures: Buy at ₹273, Target ₹295, Stop Loss ₹260
Fsn E-Commerce Ventures (NYKAA) share price is currently trading at 273, the stock has initiated a powerful momentum breakout on its daily timeframe, backed by a massive volume that highlights aggressive institutional accumulation. The price action has successfully broken clear of its short-term consolidation corridor, comfortably maintaining its alignment above the ascending 20, 50, 100, and 200-day exponential moving averages to solidify a structural transition into an impulse phase. Meanwhile, the daily relative strength index has climbed near 57, confirming that the trend is unlocking fresh velocity with plenty of room to run before hitting overextended territory. With buyers clearly in command of the tape, the stock is technically primed to challenge an upside target of 295. To protect against sudden market reversals, a strict risk-mitigation stop loss should be anchored at 260.
3] Greaves Cotton: Buy at ₹185, Target ₹200, Stop Loss ₹175
Greaves Cotton share price is currently trading at 185, established a robust rounding bottom structure, launching a powerful technical recovery that signals a clear change in market character. The price action is showing substantial buying conviction on up-days, allowing the asset to slice cleanly through its 20, 50, and 100-day exponential moving averages to firmly tilt the medium-term trend in favor of the bulls. Meanwhile, the daily relative strength index is maintaining a healthy trajectory near 58, confirming strong upward velocity while leaving plenty of room to expand before reaching overextended territory. Backed by this highly constructive turnaround pattern, the stock is structurally well aligned to test an upside target of 200. To shield the setup against unexpected market volatility, a strict risk-mitigation stop loss should be anchored at 175.
4] Brigade Enterprises: Buy at ₹678, Target ₹740, Stop Loss ₹650
Brigade Enterprises share price is currently trading at 678, stock is flashing an early structural pivot on its daily timeframe, attempting a crucial short-term trend reversal off its recent accumulation base. The asset has staged a firm defensive bounce, reclaiming its 20-day exponential moving average to signal an influx of immediate buying interest. Concurrently, the relative strength index is recovering from deeply compressed territory to print near 50, confirming a notable expansion in upward velocity with zero overextended risk. Supported by this nascent breakout pattern, the stock is technically well aligned to advance toward a tactical target of 740. To effectively insulate the setup against unexpected volatility, a strict stop loss should be maintained at 650.
5] Raymond: Buy at ₹580, Target ₹630, Stop Loss ₹555
Raymond share price is trading around 580, exhibits a highly aggressive momentum breakout on its daily chart, slicing cleanly through intermediate swing highs to sustain its steep upward trajectory. The stock has put considerable distance between itself and its 20, 50, 100, and 200-day exponential moving averages, confirming a fully unlocked, institutional-backed macro uptrend. Over on the oscillator layout, the relative strength index has accelerated to 68, validating strong near-term buying pressure with room to expand before entering an overextended zone. Driven by this convincing display of structural strength, the stock looks technically poised to challenge the upside target of 630. To safeguard your capital against sudden market fluctuations or intraday mean reversions, a strict stop loss should be maintained at 555.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
