Finally, the resistances were briefly breached only to witness some sell off at higher levels. The repeated sell off at higher levels keeps challenging the sentiment as we head into the next series. At such times its best to stay light and keep participating.
Indian equities witnessed a volatile week between June 22 and June 25, marked by alternating gains and steep losses across sessions. On June 22, markets advanced strongly, with the Sensex climbing over 250 points past 77,000 and the Nifty closing above 24,000, buoyed by easing crude oil prices and optimism from progress in US–Iran peace talks.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
TMCV (Cmp 431.90)
TMCV: Buy above ₹433, stop ₹412 target ₹470 (Multiday)
- Why it’s recommended:TMCV (Tata Motors Commercial Vehicles Limited) is India’s largest commercial vehicle manufacturer, producing trucks, buses, pickups, and utility vehicles. The stock has been in a sustained downtrend since March 2026 . The sharp decline in the last three months lead it to some strong supports around 360 levels that has now led to some strong buying at lower levels. With Auto sector showing some spirited revival once again one can consider to go long.
- Key metrics:
- P/E: 47.31,
- 52-week high: ₹509,
- Volume: 20.63M
- Technical analysis: Support at ₹380, resistance at ₹500.
- Risk factors: Volatile freight demand, rising raw material costs, shifting government emission regulations, and intense domestic and international competition.
- Buy : above ₹433.
- Stop loss: ₹412.
- Target price: ₹470 (2 Months)
MAXHEALTH (Cmp 1123.35)
MAXHEALTH:Buy above ₹1125, stop ₹1058 target ₹1250 (Multiday)
- Why it’s recommended :Max Healthcare Institute Ltd. is one of India's largest healthcare organizations, operating over 20 state-of-the-art hospitals and a massive workforce of 5,800+ clinicians. The trends in this stock has been quite promising in the month of June since its Q4 numbers were disappointing but were absorbed quite quickly. The rebound from some strong supports around 940 has given some momentum. One can now look for some trends to carry the prices higher.
- Key metrics:
- P/E Ratio : 152.56,
- 52-week high: ₹1314.30,
- Volume: 5.16M.
- Technical analysis: Support at ₹1050, resistance at ₹1400.
- Risk factors: High capital expenditure (capex) that can impact the balance sheet, a high doctor attrition rate, and limited growth visibility for its mature,heavily utilized hospital network.
- Buy : above ₹1125
- Stop loss: ₹1058
- Target price: ₹1250 (2 Months)
SAREGAMA (Cmp 480.70)
SAREGAMA:Buy above ₹486, stop ₹460 target ₹525 (Multiday)
- Why it’s recommended:Saregama India Ltd. is India’s oldest music label and a leading entertainment IP company. The company owns the rights to a massive catalog of Indian music, operating across music production, films, live events, and artist management. A breakout above ₹486 could trigger fresh momentum, while ₹470 remains an important support for the prevailing uptrend. As volume build up is steady the strong thrust seen on lately. With the Relative Strength Index firmly headed higher with volumes indicate a potential upward bias.
- Key metrics:
- P/E Ratio : 43.10,
- 52-week high: ₹520,
- Volume: 871.47K.
- Technical analysis: Support at ₹380, resistance at ₹580.
- Risk factors: High content acquisition costs, heavy reliance on paid streaming growth, format obsolescence.
- Buy : above ₹486
- Stop loss: ₹460
- Target price: ₹525 (2 Months)
Stock market update
Banking and IT stocks led the rally, while metals lagged. The following day, June 23, sentiment reversed sharply as global tech weakness spilled into domestic markets.
The Sensex tumbled over 500 points and the Nifty slipped nearly 200 points, dragged lower by Vedanta’s block deal, a stronger US Dollar Index, and heavy losses in IT majors Infosys and TCS. On June 24, benchmarks rebounded, supported by a slide in crude prices and dovish commentary from the RBI Governor, who signaled no immediate rate hikes.
Banking stocks surged after the RBI allowed loans against foreign-currency deposits, with HDFC Bank and ICICI Bank gaining over 2.5% each. By June 25, however, volatility persisted as traders remained cautious ahead of the weekly expiry, with Nifty attempting to hold above the 23,800-support zone. Overall, the week reflected a tug-of-war between supportive domestic cues and global headwinds, leaving the indices range-bound but stock-specific action vibrant.
Outlook for trading
Markets have managed to hold on and the rebound seen over the last few days continued to display a sense of hope as 24000 as a key level that was finally held for two consecutive weeks. Unlike last week, this week witnessed some solidarity from all the broader indices. While a revival is seen we need to consider that we are still not out of woods and this could be an intermittent rally. The triggers that we can expect in the coming week would be a mix of domestic and global that could impact the sentiment and also the handover to the next month with the ending of June series.
The weekly chart shown above clearly shows that the ranging action seems to be shifting into a trending phase that is showing some promise in the coming series. While we still need more momentum to head higher. We note that the trendline resistance is broken we still need more momentum to drive higher as the current display of bullishness seen on Friday was primarily some weekend short covering rather than some genuine buying.
When we began the June series, we began with a combination of muted price action and marginal decline in open interest suggests a cautious rollover environment, where traders preferred selective positioning rather than high-conviction bets. The selling of FII stepped up at the start of the series to finally shift to the buy side by the end of June expiry. Roll costs dropped sharply towards the end of the month, so it appears that bearish camp is now preferring to lapse the pending positions than carry them forward. So, could it now bring a shift in sentiment?
We are now observing that the Max Pain Point has shifted to 24,100 as the PCR has holds itself above 1 indicating that the selling pressure is being absorbed once again. Currently the trends are spending some time to hold on to the bullish bias seen this week and with a curtailed week ahead the lack of encouraging triggers would look to play its role.
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.