Stock market recap: Indian equity benchmarks snapped their two-day winning streak on Monday as selling pressure in heavyweight and banking stocks weighed on sentiment. The BSE Sensex fell 372 points to close at 76,728, while the NSE Nifty slipped 110 points to end at 23,946, just below the 23,950 mark.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
LLOYDSME (Cmp 1805.70)
- Why it’s recommended: Lloyds Metals and Energy Ltd. is an Indian metals and mining company headquartered in Mumbai. It is primarily engaged in iron ore mining, sponge iron (DRI) manufacturing, and power generation. The last few sessions have been spent in consolidation since May 2026. The strong revival in sentiment buoyed by volume indicates that the support around 1700 levels has now led to some strong buying at lower levels. With the metal sector showing some spirited revival once again, one can consider going long.
- Key metrics:
- P/E: 31.82,
- 52-week high: ₹1888.60,
- Volume: 20.63M
- Technical analysis: Support at ₹1650, resistance at ₹2200.
- Risk factors: Iron ore/steel price cyclicality, heavy revenue reliance on the Surjagarh captive mine, delays in capacity expansions, and capital allocation risks.
- Buy : above ₹1810.
- Stop loss: ₹1690.
- Target price: ₹2100 (2 Months)
SCHNEIDER (Cmp 1453.60)
- Why it’s recommended: Schneider Electric India is a global leader in energy management and automation. The company drives digital transformation by integrating intelligent power technologies, real-time automation software, and IoT-enabled solutions to create sustainable solutions. After some sharp declines in early June, the reversal in this counter has been quite swift. The trends in this stock have been quite promising in June, with support levels indicating that negative news flows have been absorbed. The rebound from strong support around 1100 has provided momentum. One can now look for trends that could carry prices higher.
- Key metrics:
- P/E Ratio : 163.51,
- 52-week high: ₹1468.70,
- Volume: 1.53M.
- Technical analysis: Support at ₹1300, resistance at ₹1600.
- Risk factors: high dependence on government infrastructure spending, intense competition in the capital goods sector, and vulnerabilities to the global supply chain.
- Buy: above ₹1455
- Stop loss: ₹1375
- Target price: ₹1585 (2 Months)
ACMESOLAR (Cmp 379.25)
- Why it’s recommended: Acme Solar Holdings Ltd. is one of India's leading renewable energy independent power producers (IPPs), specialising in developing, owning, and operating large-scale solar, wind, hybrid, and firm dispatchable renewable energy (FDRE) projects. A pattern that has been seen in this counter is profit booking followed by a sharp recovery. A similar pattern has emerged recently, thus pushing for new highs. A steady volume build-up augurs well for the prices. 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: Execution and Funding Risks, Resource Unpredictability and Supply Chain and Vendor Dependency.
- Buy: above ₹380
- Stop loss: ₹363
- Target price: ₹415 (2 Months)
Stock market performance
On 29 June 2026, Indian equity benchmarks snapped their two-day winning streak as selling pressure in heavyweight and banking stocks weighed on sentiment. The BSE Sensex fell 372 points to close at 76,728, while the NSE Nifty slipped 110 points to end at 23,946, just below the 23,950 mark. The Nifty Bank index underperformed, tumbling 450 points to 57,727, following a sharp decline in Kotak Mahindra Bank after its MD Ashok Vaswani announced plans to step down.
Auto stocks also dragged the market, with the Nifty Auto index leading sectoral losses, while metals and pharma managed to buck the trend. Persistent Systems plunged over 11% on news of its stake purchase in Nagarro SE, and Astral dropped 8% after a chemicals demerger and a JPMorgan downgrade. Market breadth remained weak, with a 1:2 advance-decline ratio, underscoring broad-based selling. Gains in Hexaware Technologies and select Sensex stocks like NTPC and Dr Reddy’s offered limited support.
Outlook for Trading
The market could not conjure up enough strength to continue its upward march on Monday. We had mentioned 24200 as an important zone that remains held. Selling in the last few days has eased; however, the lack of clarity suggests we need more encouraging tailwinds to move above 24200. The steady attempt to buy on every dip has once again given people a reason to maintain the bullish side of the markets for now. As there is no clarity on the future course of action, we should consider participating with a neutral bias.
We saw a determined push by the bulls in the last week above the important mark of 24200. However, the momentum could not carry Nifty decisively beyond these levels. Despite a strong Q3 performance this time around, the trends were caught in the crossfire of the US-Iran war.
With so much volatility demonstrated the Nifty truly has kept the trends guessing the next move. As seen on the charts, the reaction that we are noticing now has retraced to an important support of around 23800. From the charts below, we can observe that the median line resistance shall continue to keep a handle on any recovery that we will witness . This will, in effect, make the 24200 play a very important role in the coming series. A close above this level would unfold more possibility to head higher. The recent price action is seen holding above the Ichimoku cloud and will now look to defend against the selloff. But here you have the market displaying rapid shifts in moods, and it also seems like operators are taking strong advantage of this.
Nifty is struggling to cross 24200 zone will now need more triggers as selling pressure continues to emerge at higher levels. With the Open Interest data clearly indicating the market is now divided as lower levels are being bought into. The data reveals that the Max Pain point has now moved to 24000 we need to see how this level holds on Thursday to decide the way forward.
We are now observing that the Max Pain Point has shifted to 24000 as the PCR has slipped below 1, indicating that the selling pressure is being absorbed once again. Currently, the trend is spending some time holding on to the bullish bias seen this week, and with a curtailed week ahead, the lack of encouraging triggers is likely 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.