Buy or sell stocks: Snapping a two-session winning streak, the benchmark indices—the Sensex and the Nifty 50—closed lower on Monday, June 29, as investors booked profits amid a rise in crude oil prices following renewed tensions marked by fresh strikes involving the US and Iran.
The Sensex fell 372 points, or 0.48%, to settle at 76,728.37, while the Nifty 50 declined 110 points, or 0.46%, to close at 23,946.25.
Stock market today
Nifty 50
Indian equity benchmark Nifty index witnessed a negative close on 29th June 2026. The index opened with a marginal gap-up of 5.75 points at 24,061.75 compared to the previous close of 24,056.00, indicating a mildly positive start. Buying interest dominated the first half, pushing the index to an intraday high of 24,120.00. However, selling pressure emerged towards the end of the first half and intensified throughout the remainder of the session. The weakness persisted into the closing hours, dragging the index to an intraday low of 23,924.55 near the close before it finally settled at 23,946.25, ending the session with a loss of 109.75 points or 0.46%.
According to Sumeet Bagadia, Executive Director at Choice Broking, the index formed a bearish candlestick pattern, indicating sustained selling pressure after failing to hold early gains. The close near the day’s low reflects that bears remained firmly in control during the latter half of the session.
“From a technical perspective, immediate support is placed in the 23,750–23,800 zone, while resistance is observed in the 24,100–24,150 range. The Relative Strength Index (RSI) stands at 53.89, indicating neutral momentum with a slightly positive bias despite the day’s correction. The India VIX rose by 4.29% to close at 13.61, reflecting a modest increase in market volatility and cautious sentiment among participants. In the derivatives segment, notable call writing was observed at the 24,000 and 24,100 strikes, while put writing was concentrated at the 24,000 and 23,800 levels, indicating immediate resistance near higher levels and support around the lower strikes,” said Bagadia.
Bank Nifty
The Bank Nifty index opened with a marginal gap-up of 14.40 points at 58,191.45 compared to the previous close of 58,177.05. The index registered its intraday high of 58,318.05 within the first few minutes of trade before witnessing sustained selling pressure throughout the session. Sharp weakness during the first half dragged the index to an intraday low of 57,637.25, after which it continued to trade under pressure for the rest of the day. Bank Nifty eventually settled at 57,727.35, ending the session with a decline of 449.70 points or 0.77%.
Bagadia noted that the index formed a bearish candlestick pattern, indicating persistent selling pressure across banking stocks. The inability to sustain the early gains and the close near the lower end of the day’s range reflect continued profit booking at higher levels.
“From a technical perspective, immediate support is placed in the 57,000–57,100 zone, while resistance is observed in the 58,300–58,400 range. The Relative Strength Index (RSI) stands at 61.92, indicating that the banking index continues to hold relatively stronger momentum despite the day’s correction,” he said.
He further went on to say that the markets witnessed a weak trading session as both benchmark indices failed to sustain their early gains after opening marginally higher. Selling pressure intensified as the day progressed, resulting in both Nifty and Bank Nifty closing near their respective intraday lows. Sectoral participation remained broadly negative, while market breadth also reflected underlying weakness, with declines comfortably outnumbering advances.
“Going forward, sustained buying above immediate resistance levels will be crucial to revive bullish momentum, while holding the key support zones will remain essential to prevent further downside pressure,” he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Tuesday, 30 June: India Glycols, Bharat Forge, Chennai Petroleum Corporation, Gabriel India, and AIA Engineering.
1] India Glycols: Buy at ₹980, Target ₹1070, Stop Loss ₹935
India Glycols share price is trading around 980, with an encouraging technical base-building pattern on the daily chart, attempting a definitive turnaround from its key structural confluence zone. The price action has successfully broken back above its 20 and 50-day exponential moving averages, confirming a renewed push in short-term bullish momentum as it leaves the lower accumulation band behind. Concurrently, the relative strength index is gaining positive traction near 51, showcasing expanding velocity while avoiding any overextended constraints. Driven by this constructive defensive bounce, the stock appears technically geared to unlock an upside target of 1070. To protect against sudden market fluctuations or invalidation of the base, a strict stop-loss should be maintained at 935.
2] Bharat Forge: Buy at ₹2170, Target ₹2370, Stop Loss ₹2080
Bharat Forge share price is currently trading at 2170, displays strong bullish expansion on the daily chart, surging to new multi-month highs on high-volume conviction. The price action is trending smoothly in a well-defined mark-up phase, keeping a healthy distance above the ascending 20, 50, 100, and 200-day exponential moving averages to highlight dominant institutional demand. Simultaneously, the daily relative strength index has pushed above 73, confirming powerful upward velocity and intense buying pressure as the asset accelerates. Driven by this high-momentum structural trend, the stock is technically well-aligned to press forward toward an upside target of 2370. To protect against sudden profit-taking or short-term pullbacks, a strict risk-mitigation stop-loss should be maintained at 2080.
3] Chennai Petroleum Corporation: Buy at ₹1154, Target ₹1290, Stop Loss ₹1100
Chennai Petroleum Corporation share price is currently trading at 1154, reveals a highly constructive breakout from its local consolidation flag on the daily chart, staging a swift, volume-backed acceleration off dynamic support. The stock is holding its multi-month structural uptrend beautifully, pushing back above the key 20-day exponential moving average and maintaining its alignment safely over the 50, 100, and 200-day averages. Meanwhile, the daily relative strength index has ticked up near 55, confirming expanding momentum with ample breathing room before reaching overbought extremes. Backed by this decisive price action, the stock is technically well-primed to resume its upward trajectory toward an upside target of 1290. To preserve capital against unexpected market fluctuations, a strict risk-management stop-loss must be placed at 1100.
4] Gabriel India: Buy at ₹1275, Target ₹1425, Stop Loss ₹1205
Gabriel India share price is currently trading at 1275, features an impressive multi-month structural trend reversal on its daily chart, printing a clean cup-and-handle style recovery matrix with expanding volume support. The price action has broken decisively above a critical resistance spine, keeping well clear of the ascending 20, 50, 100, and 200-day exponential moving averages to solidify the transition back into a strong mark-up phase. Over on the momentum indicator, the daily relative strength index is surging aggressively near 69, confirming powerful velocity and a dominant hand by the buyers with room to push higher. Backed by this highly constructive breakout pattern, the stock is technically primed to challenge its upside target of 1425. To effectively manage risk against sudden intraday volatility, a strict stop-loss should be maintained at 1205.
5] AIA Engineering: Buy at ₹4950, Target ₹5350, Stop Loss ₹4750
AIA Engineering share price is trading around 4950, unlocking massive blue-sky potential with strong recurring volume confirmation. The price action has aggressively cleared historical structural resistance levels, maintaining an exceptionally sharp slope well above its upward-sloping 20, 50, 100, and 200-day exponential moving averages. Meanwhile, the daily relative strength index has pushed deeply into the bullish momentum territory near 75, validating intense buying conviction and a powerful trend expansion. Supported by this pristine macro trend, the stock is technically well-aligned to press higher toward an upside target of 5350. To guard against sharp intraday mean-reversion pullbacks, a strict risk-mitigation stop-loss must be placed at 4750.
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.
