The Indian stock market saw modest gains last week. The Sensex rose by 0.3%, while the Nifty 50 increased by 0.2%. Midcap stocks underperformed, dropping 0.2%, while smallcap stocks outperformed, rising 1.4%.
Both Sensex and Nifty 50 hit new highs during the week, with Sensex reaching 77,851.63 and Nifty 50 touching 23,667.10. However, there was some profit booking at higher levels.
Experts noted that while the market’s medium-term outlook is still positive, signs of possible weakness appeared with a small bearish candle on weekly charts and a double top formation on intraday charts.
Stock Recommendations for Monday — June 24
Sumeet Bagadia of Choice Broking has identified three stocks to watch on Monday: Bharti Airtel, IndiGo, and Dr Reddy’s Laboratories.
1. Bharti Airtel
- Previous Close: ₹1,416.05
- Target Price: ₹1,520
- Stop Loss: ₹1,360
- Upside Potential: 7%
Bharti Airtel, a leading telecom company, has shown strength by breaking above the ₹1,405 level. The stock is trading above its 20, 50, and 200-day moving averages, indicating a positive trend.
Airtel has minor resistance at ₹1,435. If it stays above this level, it could see more gains. The Relative Strength Index (RSI) is at 58.11, suggesting growing buying interest.
Recommendation: Buy at current levels with a target of ₹1,520. Watch for a drop below ₹1,360, which would be a warning sign.
2. InterGlobe Aviation (IndiGo)
- Previous Close: ₹4,310.15
- Target Price: ₹4,600
- Stop Loss: ₹4,180
- Upside Potential: 7%
IndiGo, India’s largest airline, is showing a strong recovery from its support level of ₹4,180. It has surpassed minor resistance at ₹4,260 and is trading above its 20, 50, and 200-day moving averages.
There is another resistance at ₹4,375. If IndiGo breaks through this, it could reach ₹4,600 or higher. The RSI is 54.04, indicating positive momentum.
Recommendation: Buy at the current price of ₹4,310.15 or on dips near ₹4,260. Aim for a target of ₹4,600, with a stop loss at ₹4,180.
3. Dr Reddy’s Laboratories
- Previous Close: ₹6,011.45
- Target Price: ₹6,380
- Stop Loss: ₹5,800
- Upside Potential: 6%
Dr Reddy’s Laboratories, a major pharmaceutical company, is trading strongly at ₹6,011.45 with solid volumes. The stock is above its key moving averages, showing continued strength.
The RSI is at 52.39, indicating increased buying interest. The stock has strong support at ₹5,800, aligning with its long-term (200-day) moving average.
Recommendation: Buy at the current price of ₹6,011.45 or on dips near ₹5,920. Target is ₹6,380, with a stop loss at ₹5,800.
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