Broader markets also sustained their momentum, with the Nifty Midcap 100 and Nifty Smallcap 100 indices each gaining over 0.5% by the close.
Among sectors, metal stocks led the rally, with all constituents of the Nifty Metal index closing in the green, pushing the index up 2.3%. Oil and gas stocks followed, as a sharp decline in crude prices lifted shares of oil marketing companies, helping the Nifty Oil & Gas index gain 1.86%.
Two stocks recommended by MarketSmith India for 27 June:
Buy: MPHASIS (current price: ₹2,802.50)
Why it’s recommended: AI-Led & digital transformation, strong financials, stable margin, structural industry tailwind.
Key metrics: P/E: 31.33, 52-week high: ₹ 3,233, volume: ₹ 153.50 crore
Technical analysis: Trending above all its key moving averages, higher-peak higher-trough price structure.
Risk factors: High dependency on BFSI segment, slow deal conversion, and stretched valuation.
Buy at: ₹ 2,802
Target price: ₹ 3190 in two to three months
Stop loss: ₹ 2,590
Buy: HINDALCO (current price: ₹690.60)
Why it’s recommended: Strong financial performance, operational excellence, and favorable macro and input cost.
Key metrics: P/E: 9.59, 52-week high: ₹ 772.65, volume: ₹ 560.62 crore
Technical analysis: Trending above all key moving averages, trendline breakout.
Risk factors: Commodity price volatility, geopolitical/trade risk, regulatory compliance
Buy at: ₹ 690
Target price: ₹ 800 in two to three months
Stop loss: ₹ 634
Nifty 50 performance on 26 June
On Thursday, the Nifty 50 opened on a strong note and maintained bullish momentum throughout the session, closing with the formation of a bullish candle on the daily chart. The index traded firmly on an upward trajectory, supported by broad-based buying across sectors. Barring Nifty Realty, all major sectoral and broader market indices ended in the green. However, market breadth remained neutral, with the advance–decline ratio settling around 1:1—suggesting balanced participation between gainers and losers.
Technically, the Nifty 50 remains well-positioned above all its key moving averages across multiple timeframes, reinforcing its strong bullish structure. A recent breakout on the daily chart adds to the positive bias. Momentum indicators are aligned with this trend: the Relative Strength Index (RSI) has strengthened to around 66, indicating rising bullish momentum, while the MACD has registered a positive crossover on the daily chart, suggesting trend acceleration and scope for further upside in the near term.
According to O’Neil’s methodology of market direction, Nifty has reclaimed its recent high of 25,116, prompting an upgrade in market status to a Confirmed Uptrend as of 11 June 2024.
The index extended gains and ended with a positive bias above 25,500. Looking ahead, sentiment is expected to remain upbeat as long as the index holds above 25,200. A sustained move could take it toward 25,700–25,800 in the near term. On the flip side, a break below 25,200 may lead to renewed volatility and range-bound consolidation. Immediate support is placed near 25,000, with stronger support around 24,750.
Nifty Bank performance on 26 June
Nifty Bank climbed 1.02% on Thursday, closing with a positive bias and marking its first-ever close above 57,000—a new all-time high. The rally was led by strong gains in private-sector heavyweights such as HDFC Bank and ICICI Bank. The broader financial index, FINNIFTY, also advanced 1.48%, reflecting broad-based strength and strong participation across the financial sector.
Technically, Bank Nifty remains firmly above all key moving averages across multiple timeframes, affirming its bullish trend. On the daily chart, the RSI is rising and currently hovers around 65, indicating improving momentum. However, the MACD remains in a negative crossover, pointing to the possibility of near-term consolidation. In contrast, the weekly chart shows both RSI and MACD in positive alignment, reinforcing a bullish medium-term outlook.
According to O’Neil’s methodology, Bank Nifty has recently moved from an Uptrend Under Pressure to a Confirmed Uptrend phase.
The index closed firmly above 57,000, reflecting strong underlying momentum. The near-term outlook remains positive, with a sustained move above this level likely to propel it toward 58,500–59,000 in the coming sessions. On the downside, immediate support lies at 56,200, followed by a more robust support zone near 55,500, which could cushion any short-term pullbacks.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, developed by legendary investor William J. O’Neil. You can access a 10-day free trial by registering on its website.
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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.
