The Indian stock market is closed on Friday, 26 June, due to the Muharram holiday. Trading in equities, equity derivatives, and securities lending and borrowing (SLB) on both the BSE and the National Stock Exchange (NSE) will remain shut for the day.
Ahead of the holiday, Indian benchmark indices extended their winning streak to a third consecutive week on Thursday—the longest in seven months—as easing crude oil prices and recent measures to support the rupee and attract foreign inflows boosted investor sentiment.
The Nifty 50 ended 0.14% higher at 24,056, while the BSE Sensex gained 0.14% to close at 77,100.47. Both indices surged more than 1% during the session before paring most of their gains amid profit-booking in the final hour of trade.
For the week, the Nifty 50 advanced 0.2%, while the Sensex added 0.4%.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
Nifty 50 closed at 24056, marking a gain of 34 points. Index opened on a positive note and touched an intraday high of 24,262, but witnessed a sharp bout of selling in the final hour of trade. The index formed a small bearish candle with a long upper shadow, indicating selling pressure and resistance at higher levels.
For bulls to regain control, the index needs to decisively close above Thursday’s high of 24,262, which could pave the way for a move toward the upper Bollinger Band near 24,365. On the downside, 24,000 and 23,800 remain crucial support levels, and holding above these zones is essential to maintain the positive undertone.
Stocks to buy next week
JSW Infrastructure Ltd Cmp: ₹331
The stock demonstrates a robust, sustained uptrend, marked by a series of higher highs and lows on the daily and weekly charts, further validated by a range of bullish technical indicators. It currently trades comfortably above its upward-sloping 20-, 50-, 100-, and 200-day simple moving averages. A favourable Relative Strength Index (RSI) across all timeframes and a “Bollinger Band” buy signal highlight its accelerating momentum.
As the price approaches a critical multi-month resistance zone between 345 and 355, a decisive breakout could drive the stock toward an upside target of 370-400. Backed by this strong technical setup and a solid downside support base at the 318 to 310 levels, the ideal strategy for investors right now is to buy, hold, and accumulate.
Ind-Swift Laboratories Ltd Cmp: ₹201
The stock is exhibiting strong bullish momentum, having recently confirmed a “rounding bottom” breakout on the weekly chart at 187, driven by massive trading volume. This breakout is further supported by rising volumes over the past 3 to 5 months, signalling increased market participation and conviction. Reaffirming this sustained uptrend, the stock trades comfortably above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs), all of which trend upward alongside price action. Additionally, broad-based strength and accelerating momentum are highlighted by a favourable Relative Strength Index (RSI) across daily, weekly, and monthly timeframes, coupled with active “Bollinger Band” buy signals on both the weekly and monthly charts.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 215-230, and its downside support zone is 189-180.
Welspun Living Ltd Cmp: ₹167
With the past couple of weeks’ price action, the stock has decisively surpassed the “horizontal channel” breakout at the 155 level, accompanied by high volume, confirming increased participation. The weekly and monthly “Bollinger Band” buy signal shows increased momentum. The stock is well above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs). These averages are also inching up alongside the price rise, which reinforces the bullish trend. The daily, weekly and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 180-200, and its downside support zone is 155-160.
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.
