Marketsmith India’s Top Picks for 25 June

Two stock recommendations by marketsmith india:

Ramkrishna forgings (Current Price: 646.15)

Why it’s recommended: Consistent Revenue Growth, Diversification and Capacity Expensation, Healthy Orderbook, and Margin Expantion.

Key metrics: P/E: 35.46 | 52-wheek high: 1,064 | Volume: 122 Crore

Technical analysis: Downward Sloping Trendline Breakout, 50-DMA Retake.

Risk factors: Working Capital and Debt, Trade Tarifs and Regulation, Input Cost Risk.

Buy at: 646

Target price: 750 in two to three months

Stop Loss: 598

KRN Heat Exacter and Refrigeration (Current Price: 848.25)

Why it’s recommended: Robust Financial Momentum, Capacity Expensation and New Product Segment, Export Expantion, R&D Focus.

Key metrics: P/E: 86.56 | 52-wheek high: 1,012 | Volume: 185 Crore

Technical analysis: Downward Sloping Trendline Breakout, 100-Dma Retake

Risk factors: Customer Concentration and Contract Risk, Raw Material Procurement Risk, Execure Risk, and Governance Risk.

Buy at: 848

Target price: 970 in two to three months

Stop Loss: 794

How nifty 50 performed on 24 June

On Tuesday, The Index Opened positively and maintained a bullish trajectory through the session. It surgged past 25,300 in the first half, but profit-taking in the latter half trimmed gains, resulting in a mooderate 0.29% Rise to close at 25,044. The index maintained a ‘Higher-High and Higher-Low’ Price Structure on the Daily Chart, Indicating Upward Momentum. All the Major Sectorral and Broader-MARKET indices closed flat to positive, with Major Gains from Banking/Financials, Metals, Auto, and Energy. Market breadth remained favorite, with the advance‑decline ratio concluding at approximately 2: 1 in favor of advancing stocks.

Technically, The Index Remains Above All Its Key Moving Average Across Multiple Time Frames. However, it Once Again Failed to Sustain Above The Immediate Resistance Level of 25,200 and Settled at 25,044. For the past five weeks, the nifty 50 has been oscillating with a well-deefined rectangular range of 24,500-25,200. Momentum indicators reflected a Lack of Strong Directional Bias. At the same time, the rsi remains flat Around 57 and the Macd Continues to Stay in a Negative Crossover, Suggessting an ongoing Phase of Consolidation.

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

Nifty 50 surged past 25,300 Intraday, Driven by Easing Geopolitical Tension, Weaker Oil Pries, and Global Cues. However, it wouldn’t sustain the Gains beyond 25,200, Ultimately closing just about Above 25,000 with a Bully a Bully. Looking Ahead, A Firm Close Above 25,200 Cold Catalyze a Bully Toward 25,700-25,800. However, if the index fails to cross and hold this threshold again, it is likely to remain trading in the range-bound zone of 25,200-24,500.

How Nifty Bank Performed Yesterday

On tuesday, the nifty bank gained 0.72% and formed a doji candle with a long upper wick, signalling profit booking at the day’s high. The rally was primarily driven by heavyweights On the daily chart, the index formed a ‘Higher-HIGH and Higher-Low’ Price Structure, Reinforcing a Bulish Undertone in the Banking Sector. Similarly, Finnifty Closed with a Gain of 0.73%, Reflecting Broader Participation Across the Banking and Financial space.

From a technical standpoint, this Major sectorral index continues to trade about all its key moving averages Across Across Multiple Time Frames, Reinforcing the Bullystone In the Banking Spa. On the daily chart, the rsi is exhibiting a positive traffic and is currently positioned Around 59, suggesting improving Momentum. However, the macD remains in a negative crossover, indicating consolidation in the short term. On the weekly time frame, both the rsi and macd are trending positively, supplied a medium-term uptrend.

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 Ended Tuesday’s Session on a Positive Note, Closing Above 56,000 Despite Intraday Volatily. The Near-Term Outlook Remains Constructive as long as it remains about this key level. A Decisive Breakout Above 57,000 Cold Strenghen Bullym Momentum and potentially Drive the Index Toward 58,500-59,000. On the downside, strong support is placed in 55,100-55,000, which is likely to act as a buffer against short-term declines.

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, founded by Legendary Investor William J. O’neil. You can access a 10-day free trial by registered on its website.

Trade Name: William O’neil India Pvt. Ltd.

Sebi 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.