Notably, a large Doji candle formed on the daily chart, signalling indecision and equilibrium between bulls and bears, despite positive price action. Still, the Nifty’s ability to close well above the psychological 25,000 level underscores its underlying strength and keeps the bullish narrative intact.
Top three stocks recommended for today by Ankush Bajaj
Bharat Petroleum Corp. Ltd (current price: ₹333.85)
Why it’s recommended: The stock recently gave a bullish pennant breakout on the daily chart, supported by strong momentum. RSI stands at 67 and is rising, indicating improving momentum. The MACD is on the positive side, reinforcing bullish sentiment. On lower time frames, the stock has given a rectangle breakout, adding to the short-term bullish outlook. If the stock sustains above the breakout zone, it is likely to advance toward ₹352 in the short term.
Key metrics: Resistance level: ₹352 (short-term target), Support level: ₹325 (pattern invalidation level)
Pattern: Bullish pennant breakout on the daily chart, rectangle breakout on lower time frames
RSI: 67, rising, indicating strengthening momentum
Technical analysis: The breakout above the consolidation range is supported by momentum and confirmed by MACD on the lower time frame. The stock is trading above its key moving averages, which supports trend continuation.
Risk factors: The stock has shown upward movement recently, making it susceptible to short-term volatility. A drop below ₹325 could trigger quick profit-taking. Monitor volume and price closely for follow through.
Buy at: ₹333.85
Target price: ₹352 in 4–5 days
Stop loss: ₹325
Infosys Ltd (current price: ₹1,631)
Why it’s recommended: The stock is showing strong momentum with the daily RSI at 65 and rising, indicating building strength. On the daily chart, INFY is poised to break out of a reverse head and shoulders pattern, a bullish reversal signal. Additionally, on the lower time frame, the stock has formed a falling wedge breakout on the upside, further supporting the bullish view. If the breakout sustains, the stock is likely to head toward ₹1,670– ₹1,680 in the short term.
Key metrics: Resistance level: ₹1,670– ₹1,680 (short-term target range), Support level: ₹1,610 (pattern invalidation level)
Pattern: Reverse head and shoulders breakout (daily), falling wedge breakout (lower time frame)
RSI: 65, rising, indicating strengthening momentum
Technical analysis: The breakout is supported by improving RSI and positive price action. The falling wedge breakout on lower time frames complements the larger pattern setup. Price is trading above key moving averages, reinforcing trend strength.
Risk factors: The stock has moved up steadily in recent sessions and could face short-term profit booking. A fall below ₹1,610 would invalidate the current pattern setup. Monitor closely for follow-through post-breakout.
Buy at: ₹1,631
Target price: ₹1,670– ₹1,680 in 4–5 days
Stop loss: ₹1,610
Tata Consultancy Services Ltd (current price: ₹3,471.90)
Why it’s recommended: The stock is showing strong momentum with the daily RSI above 60 and rising, indicating building strength. On the daily chart, TCS is poised to break out of an inverse head and shoulders pattern, a bullish reversal signal. Additionally, on the lower time frame, the stock has formed a falling wedge breakout on the upside, further supporting the bullish view. If the breakout sustains, the stock is likely to head toward ₹3,512– ₹3,520 in the short term.
Key metrics: Resistance level: ₹3,512– ₹3,520 (short-term target range) Support level: ₹3,448 (pattern invalidation level)
Pattern: Inverse head and shoulders breakout (daily), falling wedge breakout (lower time frame)
RSI: 60+, rising, indicating strengthening momentum
Technical analysis: The breakout is supported by improving RSI and positive price action. The falling wedge breakout on lower time frames complements the larger pattern setup. Price is trading above key moving averages, reinforcing trend strength
Risk factors: The stock has moved up steadily in recent sessions and could face short-term profit-booking. A fall below ₹3,448 would invalidate the current pattern setup. Monitor closely for follow-through post-breakout.
Buy at: ₹3,471.90
Target price: ₹3,512– ₹3,520 in 2–4 days
Stop loss: ₹3,448
How the market performed on 10 June
The Nifty 50 closed just 37.15 points higher, up 0.15%, at 25,141.40. The BSE Sensex also managed modest gains, rising 123.42 points or 0.15%, to finish at 82,515.14. On the other hand, the Nifty Bank came under pressure, declining 169.35 points or 0.30%, to settle at 56,459.75.
Sector-wise, Pharma led the gainers with a rise of 0.50%, followed by Energy up 0.30%, and the Healthcare index that added 0.25%. On the losing side, the PSU Bank sector declined the most by 0.88%, while the FMCG index fell 0.67%, and the Banking index ended down 0.30%.
In stock-specific action, HCL Tech led the gainers with a strong 3.23% rally, followed by Infosys, up 2.20%, and Tech Mahindra, gaining 1.65%. Among the top losers were Shriram Finance, which dropped 2.05%, Power Grid, falling 1.86%, and Adani Enterprises, down 1.22%.
Nifty technical analysis daily and hourly
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Technically, the Nifty continues to trade above all its key moving averages. The 20-day Simple Moving Average (SMA) now stands at 24,856, while the 40-day Exponential Moving Average (EMA) is placed at 24,480. On the intraday timeframes, the index remains comfortably positioned, with the 20-hour SMA at 25,132 and the 40-hour EMA at 24,011.
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Importantly, the falling wedge breakout pattern identified earlier on the 45-minute chart has played out successfully, with the immediate target around 25,200 achieved. The index now awaits fresh cues for the next leg higher.
Momentum indicators suggest a moderately bullish undertone. The daily RSI has ticked up slightly to 62, reflecting sustained strength, while the hourly RSI has eased to 57, indicating a brief consolidation in the short term. The MACD indicators remain positive, with the daily MACD at 202 and the hourly MACD at 64, showing continued bullish momentum with no signs of exhaustion yet.
However, the derivatives data paints a more cautious picture. Total Call Open Interest (OI) now stands at 176.1 million, compared to 153.2 million in Puts, resulting in a bearish differential of -22.9 million. The trend remains negative on the OI front, as the Call OI change of 679,800 outweighs the Put OI change of 491,200, leading to a net bearish differential of -188,600.
The highest Call OI continues to build at the 26,000 strike, with notable additions at the 25,250 strike. On the Put side, the maximum OI is still concentrated at the 25,000 strike, while the highest addition is now seen at 25,200—indicating that bulls are attempting to build fresh support closer to current market levels. The overall Put-Call Ratio remains subdued, reflecting a cautious bias among traders.
Volatility remained in check, with the India VIX falling by another 2.48% to close at 13.66, its lowest reading in recent sessions. This sharp drop in volatility indicates growing investor confidence and reduced fear, often a precursor to stronger directional moves when paired with positive price action.
In summary, the Nifty’s steady close above the 25,100 mark, coupled with improving technical and global cues, suggests ongoing resilience. However, the large Doji candle and bearish bias in derivatives data call for a cautious approach in the immediate term. A decisive breakout above 25,250 could pave the way toward the 25,300–25,400 zone, while immediate support is seen at 25,000, followed by a broader base between 24,800 and 24,600. Traders should stay nimble and monitor global signals and institutional flows for fresh directional triggers.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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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.
