Navigating the recent market decline has been highly challenging over the last few days. As we head into the late-June expiry, the immediate goal is to break above the crucial resistance barrier at 24,200. Crucial tests lie ahead as traders look for signs of a returning bullish momentum.
Three stocks to trade today, recommended by NeoTrader’s Raja Venkatraman
Gland Pharma Ltd (GLAND)
Current market price: ₹2,326.20
- Buy above: ₹2,330
- Stop Loss: ₹2,180
- Target Price: ₹2,675
- Timeframe: 2 months
Why it’s recommended: Gland Pharma is a leading injectable-focused pharmaceutical company with a strong footprint in the US, Europe, Canada, Australia, and key emerging markets. After building a solid base near the ₹1,600 mark, the stock has been in a sustained uptrend, recently hitting a fresh 52-week high. The current consolidation in the ₹2,250–2,350 range represents a healthy, temporary pause within a larger bullish cycle. Strong recent earnings, turning profitability at its European subsidiary Cenexi, and ongoing capacity expansion plans continue to bolster investor confidence.
- Key Metrics: P/E Ratio: 29.64 | Volume: 2.43M | 52-Week High: ₹2,420
- Support & Resistance: Support at ₹2,050 | Resistance at ₹2,600
- Risk Factors: High exposure to global regulatory scrutiny, particularly inspection outcomes from the USFDA.
CreditAccess Grameen Ltd (CREDITACC)
Current market price: ₹1,460.30
- Buy above: ₹1,465
- Stop loss: ₹1,380
- Target price: ₹1,615
- Timeframe: 2 Months (Multiday)
Why it’s recommended: CreditAccess Grameen is India's largest microfinance institution, specializing in providing collateral-free microcredit loans to women in low-income rural and semi-urban households. While the stock entered a temporary profit-booking phase following its Q4 results, it found solid support around the ₹1,260 level. Following a brief period of consolidation, a strong, long-bodied bullish candle has emerged alongside rising volumes, signaling that the structural uptrend is resuming and prices are poised to move higher.
- Key Metrics: P/E Ratio: 30.13 | Volume: 1.97M | 52-Week High: ₹1,566
- Support & Resistance: Support at ₹1,250 | Resistance at ₹1,700
- Risk Factors: Operational concentration in the microfinance sector, credit risks associated with low-income borrower profiles, and macroeconomic volatility.
Hindustan Petroleum Corporation Ltd (HINDPETRO)
Current market price: ₹412.90
- Buy above: ₹414
- Stop loss: ₹397
- Target price: ₹450
- Timeframe: 2 Months
Why it’s recommended: Hindustan Petroleum (HPCL) is a prominent 'Maharatna' public sector energy company. The stock spent the last few months consolidating as profit margins faced pressure from rising global crude prices. However, it has maintained a steady pattern of higher highs and higher lows, anchored by strong trendline support at lower levels. A recent upward thrust backed by steady volume accumulation, combined with a rising Relative Strength Index (RSI), confirms a strong potential upward bias.
- Key metrics: P/E Ratio: 5.12 | Volume: 7.71M | 52-Week High: ₹508.45
- Support & resistance: Support at ₹380 | Resistance at ₹480
- Risk factors: Vulnerability to volatile global crude oil prices, government regulatory/pricing policies, and high balance sheet leverage.
Stock market update
Indian equities advanced on 24 June, with benchmarks supported by easing crude oil prices and reduced concerns over domestic rate hikes. The Sensex climbed 1.04% to close at 76,991.22, while the Nifty 50 rose 0.83% to 24,021.65. Brent crude futures slipped to their lowest since late February, easing inflationary worries and improving the outlook for consumption and corporate earnings. RBI governor Sanjay Malhotra signaled that it was premature to discuss rate hikes, further boosting sentiment.
Banking stocks led gains after the RBI allowed loans against foreign-currency deposits, with HDFC Bank and ICICI Bank rising over 2.5% each, and SBI up 1%.
Eleven of 16 sectors advanced, while midcaps and smallcaps added modestly. Trent surged 3.3% after HSBC raised its target, and textile stocks rallied on positive brokerage coverage.
Markets have gained nearly 4% over nine sessions since the U.S.–Iran peace deal, though weak monsoon rainfall—43% below average—remains a key risk for consumption and inflation.
Outlook for trading
The Nifty 50 continues to show resilience despite the sharp correction on weekly expiry. From a price structure perspective, Nifty has formed a strong reversal, reflecting sustained buying interest on declines. The recent rally from the June lows around 23,100 has been steady and accompanied by improving momentum. However, the index is now trading just below the important resistance band of 24,150–24,250, which has capped advances multiple times over the past few months.
The RSI (14) is hovering near 58, indicating positive momentum without entering overbought territory. This suggests there is still room for further upside if resistance levels are convincingly breached. The RSI has also recovered from the 40-zone, a sign that bullish momentum has strengthened over the last few weeks.
A decisive breakout above 24,250 could trigger fresh buying interest and open the path toward 24,500–24,800 in the near term. On the downside, immediate support is visible at 23,800, followed by a stronger support zone around 23,500–23,400. As long as these levels hold, the broader trend remains constructive.
Overall, the chart suggests a bullish-to-neutral outlook, with Nifty consolidating before a potential directional move. Traders should watch the 24,250 resistance closely, as a breakout could signal the beginning of the next leg of the uptrend, while failure to sustain above 24,000 may lead to another phase of range-bound trading.
The Nifty's Max Pain Point has shifted to 23,850, while the Put-Call Ratio (PCR) has climbed back above 1, signaling that selling pressure is being absorbed. While the index is maintaining its weekly bullish bias, a shortened trading week ahead and a lack of fresh triggers may limit near-term upside.
Although the broader market trend remains uncertain, robust stock-specific action is keeping traders engaged. At this juncture, it is prudent to avoid initiating fresh short positions on the Nifty; instead, wait for clearer directional signals. The index is currently trying to hold above the 23,800 mark, and a sustained break below this support zone would signal a weakening of bullish conviction. Until then, restraint is advised while closely monitoring price action for the next major move.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
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.