Indian Stock Market Update: Despite weak global trends, the Indian stock market hit new record highs on Tuesday, June 25. The Nifty 50 reached 23,754.15, and the Sensex climbed to 78,164.71 during the session.
The Nifty 50 ended the day up 183 points (0.78%) at 23,721.30, while the Sensex gained 712 points (0.92%) to close at 78,053.52. Both indices set new record closing levels.
Market Insight from Siddhartha Khemka: Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, commented, “Nifty steadily moved up to a new high of 23,754. The index gained 183 points, closing at 23,721. We saw mixed sector performance with strong buying in banking, financials, and IT. Sensex crossed 78,000 for the first time, driven mainly by banking stocks. The current account deficit reduced to 0.7% of GDP in FY24 from 2% in FY23, and Q4 saw a surplus of 0.6% of GDP due to higher service exports. The upcoming budget will focus on fiscal consolidation and growth measures to address rural issues. We expect the market to maintain its positive momentum as we approach this event. Globally, investors will watch the US Consumer confidence data scheduled for later today.”
Motilal Oswal’s Stock Picks: This week, Motilal Oswal recommends buying Escorts, IDFC First Bank, and Indian Hotels.
Stocks to Buy Today
1. Escorts:
- Buy at: ₹4334
- Target price: ₹4700
- Stop Loss: ₹4150
Escorts is in a strong uptrend, trading at lifetime highs. On a monthly scale, it shows a pattern of higher highs and higher lows with a strong bullish candle. On a weekly scale, it broke past 4,100 and maintained its uptrend. On a daily scale, it reversed a short-term decline and closed at its highest with significant volumes. Given the overall chart structure, buying is recommended with a stop loss below 4,150 for a target of 4,700.
2. IDFC First Bank:
- Buy at: ₹83.50
- Target price: ₹92
- Stop Loss: ₹79
IDFC First Bank retested its previous breakout zone on a monthly scale, forming a Hammer candle, indicating buying at lower levels. On a weekly scale, it broke out of a falling channel and closed above it. There is good buying interest in midcap banks, and the momentum RSI oscillator shows a bullish trend. It is holding well above its short-term moving averages. The overall chart suggests buying with a stop loss below 79 for a target of 92.
3. Indian Hotels:
- Buy at: ₹637
- Target price: ₹700
- Stop Loss: ₹610
Indian Hotels broke out of a range on a weekly scale after sixteen weeks, forming a strong bullish candle. It has shown higher lows for the past two weeks and achieved its highest weekly close. On a daily scale, it is holding at life-high levels, with the RSI near 70, indicating strong momentum. The overall chart suggests buying with a stop loss below 610 for a target of 700.
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