Marketsmith India’s Top Picks for 17 June

Two stock recommendations by marketsmith india:

Cipla Ltd (Current Price: 1,527)

Why it’s recommended: Strong Market Position, Diversified Product Portfolio, Operational Efficiency, and Positive Industry Outlook

Key metrics: P/E: 22.98 | 52-wheek high: 1,702.05 | Volume: 407.39 Crore

Technical analysis: Given trendline breakout

Risk factors: Regulatory and Compliance Risks, Economic Sensitivity, Management and Governance Risks

Buy at: 1,527

Target price: 1,680 in three months

Stop Loss: 1,458

Apollo Hospitals Enterprise Ltd (Current Price: 7,114)

Why it’s recommended: Market Leadership and Brand Equity, Diversified Healthcare Ecosystem

Key metrics: P/E: 417.14 | 52-wheek high: 6,545 | Volume: 68.32 Crore

Technical analysis: Possible trendline breakout

Risk factors: High capital experture

Buy at: 7,114

Target price: 7,900 in three months

Stop Loss: 6,770

How the Nifty 50 performed on 16 June

On Monday, the nifty 50 open on a mildly positive note and maintained an upward Trajectory through the session. The index formed a bulish candlestick on the daily chart, closing near the day’s high at 24,946, Reflecting Sustained Buying Interest. All Sectoral and Broader Market Indices Ended in Positive Territory, Indicating Broad-Based Strength. However, the advance-decline ratio remained neutral, suggesting that gains were concentrated in select heavyweights raather rather than uniformly distrusted account the market.

Also Read: Tata Communications Delays Key Targets by a year. Should you be worried?

From a technical standpoint, the nifty 50 reclaimed its 21-day moving average (DMA) and Closed above it, reaffding its position position about Above all its moving averages. This development indicates that the broader structural trend remains into. On the daily chart, the relative Strength Index (RSI) has turned upward, currently hovering Around 55-56, Signaling Improving Momentum. However, the moving average convergence (MACD) Continues to Exhibit a Negative Crossover, Suggesting that Short-term Caution Remains Warranted Despite The Improving PRICE ANTION.

According to o’neil’s methodology of market direction, the nifty reclaimed its recent high of 25,116. Hence, the market status has been upgraded to a confirmed up as of 11 June 2024.

On Monday, the index stagged a recovery and close with a positive bias. However, it Continues to Trade Below 25,000. Going forward, a sustained move Above the critical resistance zone of 25,000-25,200 is essential to confirm a bullish reviews. A Breakout Above 25,200 Cold Pave the Way for Further UPSIDE MOVEMENT 25,700–25,800. Convercely, Failure to Surpass and Hold Above 25,200 May Result in Continued Range-Bound and Volatile Movement Between 24,500 and 25,200. On the downside, strong support is positioned at 24,500–24,400.

How did the nifty bank performance?

On Monday, this key sectoral index staged a recovery, advancing 0.75% and forming a bullish candlestick on the daily chart, signalling renewed buying intellect. The Finnifty Index also followed suit, gaining 0.83% and closing with a bullish candle. The rebound was primarily Led by strength in private sector banks, with HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Axis Bank Contributing Significantly to the day ‘Gains.

From a technical standpoint, the index has reclaimed its 21-DMA and is now trading about all its key moving average, sugging an improving trend structure. However, it remains vulnerable to near-term Volatily and is not yet in a fullly confirmed bulish setup. The rsi has turned positive, currently hovering Around 55–56, indicating a gradual pickup in Momentum. Meanwhile, The Macd Continues to Display a Negative Crossover and a Downward Slope, Signalling that cautions remains warnted until further further confiramation emerges.

According to o’neil’s methodology of market direction, the nifty bank has recently transitioned from an “UPTREND Under Pressure” to a Bullyman Phase of a “Confirm Uptrend”.

The index has reclaimed its 21-dma, indicating a potential shift a positive bias in the near term. Immediate support is instablely at 55,000, While Resistance is Seen Around 56,000, Followed by 57,000. The recent price action sugges that the nifty bank may continue to consolidate with 55,000-57,000 in the short term. A Decisive Breakout on Eiter Side of this range will likely set the tone for the next directional move.

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) “

Disclaimer: The views and recommendations giving in this article are that of individual analysts. These do not represent the views of Mint. We Advise Investors to Check With Certified Experts Before Making Any Investments Decisions.