Two stock recommendations by MarketSmith India:
Ramkrishna Forgings Ltd (current price: ₹638.50)
Why it’s recommended: Capital infusion by promoters, seasonal positive tailwind, EPS growth.
Key metrics: P/E: 34.54 | 52-week high: ₹1,064 | Volume: ₹354.22 crore
Technical analysis: 50-DMA retake, positive institutional holding
Risk factors: Increased raw-material cost and margin pressure, high operational leverage, competitive and regulatory risk.
Buy at: ₹638.50
Target price: ₹740 in two to three months
Stop loss: ₹687
Also Read: Is the Israel-Iran war a billion-dollar threat to Adani Ports & SEZ?
BOSCH Ltd (current price: ₹32,375)
Why it’s recommended: Strong Q4 performance, expansion in mobility business, growth in consumer business.
Key metrics: P/E: 47.42 | 52-week high: ₹39,088 | Volume: ₹68.04 crore
Technical analysis: Trending above all key moving averages, bullish continuation pattern.
Risk factors: Supply chain, currency risk, competition and regulatory pressure.
Buy at: ₹32,375
Target price: ₹36,200 in two to three months
Stop loss: ₹30,300
How Nifty 50 performed on 19 June
On Thursday, the Nifty 50 opened on a flat note. The index traded in a volatile range throughout the session and closed on a flat to negative note. The intraday price action led to the formation of a narrow-range bearish candle on the daily chart, characterized by a lower-high and lower-low structure, indicating continued weakness in momentum. Except Auto index, all major sectoral and broader market indices ended in the red. Consequently, market breadth deteriorated significantly, with the advance-decline ratio skewed sharply toward decliners at 1:5.
From a technical standpoint, the Nifty 50 continues to be volatile and has closed below its 21-day moving average, signalling short-term weakness. The index remains confined within a consolidation range over the past five weeks, underscoring the prevailing lack of directional conviction. As of Thursday, the daily Relative Strength Index (RSI) is flat around the 50–51 mark, while the MACD continues to trend in a negative crossover. This overall setup indicates waning momentum and suggests that a cautious, range-bound outlook may persist in the near term.
According to O’Neil’s market direction methodology, the market status was upgraded to a Confirmed Uptrend on 11 June as the Nifty reclaimed its recent high of 25,116.
The index continued to trade within a defined sideways range of 24,500–25,200, maintaining a negative bias for the seventh consecutive session. The index has repeatedly failed to sustain above the psychological 25,000 level, highlighting the absence of strong bullish momentum. A decisive breakout above the resistance zone of 25,000-25,200 remains essential to confirm a reversal in trend. Until then, the index is likely to remain in a consolidation. Strong support is in the 24,400-24,500 range.
How Nifty Bank performed yesterday
On Thursday, the Nifty Bank opened on a flat note but traded with a negative bias throughout the session, eventually closing with a loss of 0.45%. The intraday movement led to the formation of a bearish candle on the daily chart, reflecting persistent selling pressure. Notably, the index underperformed the broader benchmark, highlighting ongoing volatility and investor caution within the banking space. Similarly, the broader financial segment remained weak, with the FINNIFTY index declining 0.38% and forming a bearish candle, reinforcing the prevailing sectoral weakness.
From a technical perspective, the BankNifty index failed to reclaim and sustain above its 21-day moving average, closing below it with a negative bias. The RSI has turned downward and slipped below the 50 mark, reflecting weakening momentum and a lack of buying strength. Additionally, the MACD continues to exhibit a negative crossover on the daily chart, reinforcing the prevailing bearish sentiment and indicating the potential for further downside in the sessions ahead.
According to O’Neil’s market direction model, Bank Nifty has recently been shifted from an “Uptrend Under Pressure” to a bullish phase of a “Confirmed Uptrend”.
The index closed below its 21-day moving average, signalling continued weakness in the short- to medium-term outlook. Immediate support is near 55,000. Resistance is at 56,000, followed by 57,000. The recent price action indicates the likelihood of sustained range-bound trading within the 55,000–57,000 zone in the near term. A decisive breakout beyond this range will be critical in determining the next directional trend for the index.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Trade name: William O’Neil India Pvt. Ltd. (Sebi Registered Research Analyst Registration No.: INH000015543)
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
