Stocks to buy or sell: Benchmark equity indices Sensex and Nifty 50 snapped their five-day winning run on Friday, June 19, as a steep decline in information technology stocks followed Accenture’s downward revision of its revenue growth forecast. Market sentiment was also pressured by weak global market trends, renewed selling by foreign institutional investors (FIIs), and ongoing geopolitical concerns.
The Sensex fell 607 points, or 0.78%, to close at 76,802.90, while the Nifty 50 declined 154.90 points, or 0.64%, to end the session at 24,013.10.
“The Indian equity markets witnessed a fresh breakout above the crucial 23,800 level and successfully sustained those gains through the week, reflecting improving market sentiment and strengthening bullish momentum. Benchmark indices ended the week on a positive note, with the NIFTY 50 closing at 24,013, registering a weekly gain of 1.65%, while the Bank Nifty advanced 1.74% to settle at 57,685,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Ganesh Dongre’s market outlook for next week
Dongre believes that overall market sentiment has turned cautiously optimistic, supported by improving technical structures, stronger participation from heavyweight sectors, and favorable global cues.
He noted that the prevailing strategy continues to favor a buy-on-dips approach as long as key support levels remain intact. However, the near-term market trajectory remains sensitive to geopolitical developments and global macroeconomic signals.
“The coming week is expected to be crucial, as progress in diplomatic negotiations and geopolitical developments could act as catalysts for the next directional move in the market. Traders and investors are advised to remain selective in stock selection, maintain disciplined risk management practices, and closely monitor institutional flows and global developments, as any significant escalation or resolution on the geopolitical front could materially influence market direction and volatility,” Dongre added.
Nifty 50
On the technical outlook, Dongre said that the index continued its upward trajectory while largely trading within the 23,800–24,300 range throughout the week. The index’s ability to close above the critical 23,800 level signals strengthening bullish sentiment and suggests the possibility of further upside in the coming sessions.
“Immediate support is now placed in the 23,800–23,900 zone, while the 24,200–24,300 band remains a significant resistance area. Despite intermittent volatility, the broader weekly chart structure remains constructive, characterized by a series of higher lows that indicate sustained accumulation at lower levels. However, a decisive breakout and sustained close above 24,600, which coincides with the 200-day EMA, will be essential to confirm a stronger and more sustainable uptrend. Until then, traders should continue to adopt a buy-on-dips strategy. A weekly close above 24,300 would further strengthen the bullish outlook and open the path towards 24,600 and eventually the 25,000 mark,” he said.
Bank Nifty
On the Bank Nifty outlook, he added that the index has demonstrated notable technical strength after delivering a fresh trendline breakout on the weekly chart. The index has successfully sustained above its key 200-day EMA, reinforcing the positive undertone. A sustained move above the 58,000 level would further strengthen the bullish setup and could trigger fresh momentum-driven buying, potentially extending the ongoing rally.
“Immediate support is placed near the 56,000 zone, which is closely aligned with the 200-day EMA and is expected to act as a strong base during any near-term consolidation. A decisive breakout above 58,000 would further validate the positive structure and provide additional support to the broader market trend,” said Dongre.
Weekly stocks to buy or sell
Jindal Steel: Buy at ₹1132, target price of ₹1370, stop loss of ₹1110.
Muthoot Finance: Buy at ₹3126, target price of ₹3220, stop loss of ₹3070.
BSE: Buy at ₹4020, target price of ₹4200, stop loss of ₹3950.
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.
